The Carlyle Group, a leading US-based investment firm, is reportedly planning an initial public offering (IPO) for its engineering services company, Quest Global, in India. This IPO could raise $1 billion and is being considered as early as next year, according to sources familiar with the matter.
Key Details of the IPO Plan
- Listing Location: Mumbai, India.
- Expected Valuation: Quest Global may be valued at over $5 billion if the IPO materializes.
- Redomicile to India: The company may shift its base to India to align with the country’s rapid economic growth.
About Quest Global
Founded in Singapore, Quest Global employs over 20,000 people and provides engineering services across industries like aerospace, defense, automotive, energy, healthcare, and semiconductors. The firm’s clientele includes global giants like Nvidia Corp. and Sony Group Corp.
Strong IPO Environment in India
India’s IPO market has been faring well, with $17.7 billion raised so far this year, almost breaching the annual record of $17.8 billion set in 2021. Strong economic performance and growing domestic investments have made India a destination of interest for global firms considering public listings.
Carlyle acquired a sizeable minority stake in the Quest Global this year. The development marks a milestone for the expanding Quest Global. Indeed, with the IPO, Quest Global shall wear more muscles in the leadership chart of the engineering service sector.
This move underlines the increasing interest of multinational firms in tapping the Indian equity market on the back of strong investor sentiment and economic growth in the country.
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Source: Moneycontrol
News Desk
