Quest Global Services Pte, backed by Carlyle Group Inc., has engaged Axis Capital Ltd., Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley, and Citigroup Inc. to advise on a potential $1 billion initial public offering in Mumbai. The Singapore-based engineering services firm plans to file a draft prospectus by December, with the IPO expected to include both new shares and stock from existing investors. This move positions Quest Global for significant capital raising in the Indian market, leveraging its global engineering expertise. The involvement of major global banks like Morgan Stanley and Citigroup underscores the scale of the transaction.

The IPO is still in early stages, with no final pricing or timing announced. Industry observers note that Carlyle Group's backing adds credibility to Quest Global's growth ambitions. The firm's focus on engineering services aligns with India's infrastructure development needs, potentially attracting institutional investors. The use of multiple advisory banks suggests a competitive process to optimize terms.

While the $1 billion target is ambitious, the success of the IPO will depend on market conditions and investor demand. The mix of new and existing shares could dilute current stakeholders but may provide liquidity for early investors. Bloomberg sources indicate active discussions are underway, though no formal commitments have been made. The involvement of Kotak Mahindra and Axis Capital highlights the domestic focus alongside global players.