QuEST Global, a leading provider of diversified engineering and manufacturing services, plans to raise

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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 Ajit Prabhu and Aravind Melligeri are likely to shed a "small stake" to raise money for expanding engineering facilities, chief marketing officer of the Bangalore-headquartered company Bejoy George said.

QuEST (Quality Engineering & Software Technologies Pvt Ltd) has three main lines of business - engineering, manufacturing, and a special economic zone near the north Karnataka district headquarters town of 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," 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, the country's first aerospace precision engineering SEZ, by Civil Aviation Minister Praful Patel, in the presence of Karnataka Chief Minister BS Yeddyurappa, on Saturday.

The SEZ, endorsed by the Ministry of Commerce and Industry, covers 300 acres and is focused on precision engineering.