Carlyle Group Inc.-backed Quest Global Services has hired banks for an initial public offering in Mumbai that could raise as much as $1 billion, according to reports from The Hindu BusinessLine and The Economic Times. The Singapore-based engineering services firm has appointed Axis Capital Ltd., Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley and Citigroup Inc. to advise on the share sale. The proposed IPO is expected to comprise a mix of new shares and stock sold by existing investors, with the draft prospectus likely to be filed by December. CEO Ajit Prabhu first signaled the intent in February 2026, telling the market the company was eyeing a listing within 12 to 18 months. Details including the size and timing of the offering are still under discussion and could change, as reported by The Economic Times.
The Carlyle-backed engineering firm's valuation has more than doubled since 2023, with current discussions putting Quest Global's market cap at around $4.6 billion, according to latest reports. This represents a dramatic re-rating from the roughly $1.8 billion valuation the company carried in 2023. Revenue for 2026 came in at approximately $652 million, giving the company a financial foundation that supports the elevated valuation thesis. The offering is expected to blend primary share issuance with secondary sales, meaning some existing investors will use the IPO window to take chips off the table while the company simultaneously raises fresh capital.
According to The Hindu BusinessLine, Carlyle acquired a significant minority stake in Quest Global in 2023 in a transaction that marked the exit of Bain Capital and Advent International. Hillhouse Investment Management Ltd. acquired a minority stake in the company earlier this year through a deal that included a primary capital infusion as well as the purchase of shares from some existing shareholders. Singapore's Temasek is among the notable investors already holding a stake in the company. Representatives for Quest Global and the banks didn't respond to requests for comment, as reported by The Economic Times.
The IPO market in India has begun to recover after a subdued first half of the year, with recent large offerings including SBI Funds Management Ltd. and Manipal Health Enterprises Ltd., according to The Economic Times. Companies have raised about $7.3 billion through IPOs this year, compared with a record $22.4 billion in all of 2025, as reported by Bloomberg. This recovery context positions Quest Global's potential listing favorably within the current market environment. The 12-to-18-month timeline Prabhu outlined in February puts the potential listing window somewhere between early and late 2027.
