Private equity firms Advent International Corp., Bain Capital LP and GIC Special Investments Pte. Ltd., are in early-stage discussions to sell some or all of their combined 30% stake in Quest Global Services Pte. Ltd., The Economic Times (India) reported.

The firms are also considering launching an IPO of the Singapore-headquartered engineering services company in the U.S. through which promoters are also likely to reduce their stake, The Economic Times (India) said, citing multiple sources close to the negotiations.

The firms hired about six investment bankers, including JP Morgan, Nomura, Morgan Stanley, Credit Suisse, Citi and Goldman Sachs, to initiate a formal sale process, The Economic Times (India) said, citing the sources, one of whom noted that a deal is expected in the first quarter of 2020.

The Indian-owned target company is valued at approximately US$2.5 billion, the publication said.

Representatives of Quest Global, Advent and Bain Capital declined to comment, while GIC did not respond to a mail requesting comment from The Economic Times (India).