The Hindu Business Line : QuEST plans IPO/pvt placement next year

BANGALORE: QuEST Global, provider of diversified engineering and manufacturing services, plans to raise capital either through a private placement or an IPO for its engineering services business in the first half of the next calendar year.

Co-founders and promoters Mr Ajit Prabhu and Mr Aravind Melligeri are likely to shed a “small stake’’ to raise money for expanding engineering facilities, the Chief Marketing Officer of the Bangalore-headquartered company, Mr Bejoy George, told PTI.

QuEST (Quality Engineering & Software Technologies Pvt Ltd) has three main lines of business — engineering, manufacturing and a special economic zone near Belgaum.

“Engineering services will probably do an IPO (initial public offering) or private placement in the next six months or so. Manufacturing, we will decide later,’’ Mr George said. He did not disclose the extent of dilution of the stake by the promoters.

Meanwhile, QuEST is fully geared up for the formal launch of the SEZ near Belgaum by the Civil Aviation Minister, Mr Praful Patel, in the presence of the Karnataka Chief Minister, Mr B.S. Yeddyurappa, on Saturday.

The country’s first aerospace precision engineering SEZ, endorsed by the Ministry of Commerce and Industry, covers 300 acres and is focused on precision engineering. — PTI

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