Core Viewpoint - Quest Global, an engineering services firm backed by Carlyle, plans to go public in India within the next 12 to 18 months, driven by increasing demand from energy and defense sectors [1] Company Summary - Quest Global is headquartered in Singapore and aims to capitalize on the global shift towards complex hardware-embedded software services as traditional IT growth slows [1] - The firm has publicly disclosed its IPO plans for the first time and is considering various options for the offering, including a sale by existing investors or a fresh issue of shares [1] - Quest Global anticipates its revenue will grow from $1.1 billion last year to $2.5 billion over the next five years, reflecting an average annual growth rate of approximately 20% [1] Industry Summary - The Engineering, Research & Development (ER&D) segment, which supports global hardware-oriented industries, represents about one-fifth of India's $315 billion IT industry [1] - The energy sector is expected to experience significant growth, particularly as data centers require substantial energy resources [1] - The ER&D sector is projected to grow at a rate of 6.8% to reach $63 billion in fiscal 2026, outpacing the core IT services sector's growth of 4.2% [1]