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 s...