Now Reading: Quest Global picks banks for $1 billion India IPO
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Quest Global picks banks for $1 billion India IPO
The Hindu Business Line reports that Quest Global Services, backed by Carlyle Group, has hired Axis Capital, Kotak Mahindra Capital, JM Financial, Morgan Stanley and Citigroup for a Mumbai IPO that could…
The Story in Brief
The Hindu Business Line reports that Quest Global Services, backed by Carlyle Group, has hired Axis Capital, Kotak Mahindra Capital, JM Financial, Morgan Stanley and Citigroup for a Mumbai IPO that could raise up to $1 billion. The draft prospectus is likely to be filed by December. The offering will include new shares and stock sold by existing investors. Carlyle acquired a minority stake in 2023, and Hillhouse Investment also took a stake earlier this year. Quest Global employs over 23,000 people across 20 countries. India's IPO market is recovering after a subdued first half, with about $7.3 billion raised so far this year.
The Indian Opinion
There is a tendency to call every large IPO a sign of India's unstoppable market. But the $1 billion target is still a plan, and the market has raised only a third of last year's record. The real test will be whether Quest Global gets the valuation it seeks, especially as a foreign-based firm listing in India. Will Indian investors value it as highly as global private equity did?
Source: thehindubusinessline.com
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