Quest Global Hires Banks for $1 Billion Mumbai IPO

Quest Global Services Pte, a Singapore-based engineering services firm backed by Carlyle Group Inc., has hired a group of banks to manage an initial public offering in Mumbai. The offering could raise as much as $1 billion and is expected to consist of a combination of new shares and stock sold by existing investors.

The company appointed Axis Capital Ltd., Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley, and Citigroup Inc. as advisors for the process. Quest Global provides engineering services across 20 countries, specializing in the aerospace, defense, and semiconductor sectors.

A draft prospectus is likely to be filed by December, although the final timing and size of the offering remain under discussion. The move occurs as the Indian IPO market recovers from a subdued first half of the year.