Quest Global eyes India listing within 12-18 months

Singapore-based engineering services firm Quest Global is preparing to launch an IPO in India within the next 12-18 months, as the company undertakes a reversal to shift its headquarters back to India ahead of the proposed listing, Reuters reports, citing CEO Ajit Prabhu. The firm, backed by US private equity Carlyle, is looking to tap rising demand from energy and defence clients.

Quest Global is also expanding in the Gulf. The company will establish engineering centres in the UAE under the country’s NextGen FDI programme, targeting sectors including energy, defense, and advanced manufacturing.

Revenue trajectory: The company reported revenue of USD 1.1 bn last year and is targeting USD 2.5 bn in revenue over the next five years, implying an average annual growth of around 20%.

Demand drivers: Quest Global operates in India’s engineering, research and development (ER&D) segment, which accounts for roughly one-fifth of the country’s USD 315 bn IT industry. The company is benefiting from increased demand for complex hardware-embedded software services.

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