Quest Global hires banks for up to $1B IPO in Mumbai

Quest Global, the Singapore-headquartered engineering services company backed by the Carlyle Group, is moving closer to a public listing in India. The firm has invited investment banks to pitch for roles on a Mumbai IPO that could raise up to $1 billion, marking one of the more ambitious engineering-sector listings to hit Indian markets in recent years.

CEO Ajit Prabhu first signaled the intent in February 2026, telling the market the company was eyeing a listing within 12 to 18 months. The bank pitch process followed shortly after, translating that executive ambition into actual deal machinery.

A valuation story worth watching

The numbers behind this IPO are doing a lot of the talking. Valuation discussions ahead of the listing put Quest Global’s market cap at around $4.6 billion, a figure that 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. Singapore’s Temasek is among the notable investors already holding a stake.

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. Carlyle took a meaningful position in Quest Global alongside earlier backers Advent International and Warburg Pincus.

What Quest Global actually does

Founded in 1997, Quest Global employs approximately 23,000 people across more than 20 countries and runs 104 delivery centers and offices globally. Its client base spans aerospace, automotive, energy, and defense.

The energy and defense verticals are getting particular emphasis in the IPO narrative, with CEO Prabhu announcing plans targeting growth in both sectors.

The 12-to-18-month timeline Prabhu outlined in February puts the potential listing window somewhere between early and late 2027, assuming the bank selection process concludes cleanly and market conditions remain constructive.

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