A Singapore-based engineering services company with backing from major investment firm Carlyle has announced its intention to launch a public stock offering in India within the next 12 to 18 months, according to company leadership speaking at a Mumbai technology conference this week.
Quest Global’s co-founder and chief executive disclosed the IPO timeline while expressing confidence that growing demand from energy and defense sectors will drive the company’s expansion plans.
The firm is positioning itself to capitalize on the global shift toward more sophisticated hardware-integrated software solutions as conventional information technology services experience slower growth rates.
CEO Ajit Prabhu highlighted the energy sector’s potential during remarks at the Nasscom Technology and Leadership Forum in Mumbai, stating: “The energy sector is going to grow quite a bit because all the data centres have to be powered by energy.”
This represents the first public announcement of Quest Global’s stock market plans. Company officials have not yet determined whether the public offering will consist of existing shareholders selling stakes, issuing new shares, or combining both approaches.
The company has set ambitious financial targets, projecting revenue growth from $1.1 billion in the previous year to $2.5 billion over the next five years, representing approximately 20% annual growth. Quest Global is also working to relocate its corporate headquarters from Singapore back to India through a reverse restructuring process.
Prabhu expressed optimism about the engineering research and development sector’s prospects compared to traditional IT services companies. “(The) next five to ten years, in my opinion, are like a time for engineering renaissance,” Prabhu said. “It is a massive opportunity to bring together all of these technologies (including) chips, telecom, internet and AI.”
The planned stock listing reflects strong investor interest in India’s Engineering, Research & Development sector, which provides technical support to global hardware-focused industries including data centers and autonomous vehicle technology. This segment represents roughly one-fifth of India’s $315 billion information technology industry.
Industry data supports the sector’s growth trajectory, with trade organization Nasscom projecting 6.8% expansion to $63 billion by fiscal 2026, outperforming the core IT services sector’s anticipated 4.2% growth rate.
