Global investment firm Carlyle Group is reportedly considering an initial public offering (IPO) of Singapore-based Quest Global Services Pte in India.

While Hyundai Motor India Ltd (HMIL) was listed on the domestic bourses on October 22, LG Electronics India, the subsidiary of the South Korean electronics firm, recently filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India, with the parent planning to sell over 10.18 crore shares amounting to a 15 per cent stake.

A Bloomberg report said on Friday that Carlyle has held early talks with advisers about a likely share sale that may take place as early as next year. It added that a listing of Quest Global may help Carlyle raise about $1 billion. Further, a potential deal could also value Quest Global at more than $5 billion.

Carlyle had acquired a significant minority stake in Quest in 2023 in a transaction that saw Bain Capital and Advent International exit the firm.

Founded in 1997, Quest Global is a global player in engineering, research and development (ER&D) services for the design, product development and operations of complex engineering systems.

While the secondary markets in India remain volatile on account of both local and global factors, the IPO segment continues to thrive.

Last month, food aggregator Swiggy got listed. More entities are likely to tap the market such as Avanse Financial Services and Canara Robeco Asset Management.