Quest Global Services, backed by the Carlyle Group, is set to launch a significant IPO in Mumbai, signalling renewed investor confidence in India’s recovering primary market amid growing interest from prominent global and domestic investors.
Quest Global Services, the Carlyle Group-backed engineering services company, is preparing for a Mumbai initial public offering that could raise as much as $1 billion, according to people familiar with the matter. The Singapore-based company has moved to line up advisers as it weighs a share sale that would add another prominent name to India’s recovering primary market.
According to The Hindu BusinessLine and The Business Times, Quest Global has appointed Axis Capital, Kotak Mahindra Capital, JM Financial, Morgan Stanley and Citigroup to work on the proposed float. The offering is expected to combine new shares with stock sold by existing investors, although the final size and timing are still under discussion and could change. People familiar with the process said a draft prospectus could be filed by December.
Quest Global’s backers have been reshaping their stakes over the past two years. Carlyle bought a significant minority holding in 2023, when Bain Capital and Advent International exited, while Hillhouse Investment Management took a minority stake earlier this year in a transaction that included both fresh capital and share purchases from some existing shareholders. The company says it employs more than 23,000 people across 20 countries and serves clients in aerospace and defence, automotive, energy, technology, healthcare and semiconductors.
The planned listing comes as India’s IPO market has started to regain some momentum after a slower first half. Bloomberg data cited by The Hindu BusinessLine shows companies have raised about $7.3 billion through IPOs so far this year, well short of the record pace set in 2025. Recent and anticipated large deals have included SBI Funds Management, Manipal Health Enterprises and InMobi, underscoring renewed appetite for sizeable offerings even as broader market conditions remain uneven.
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