SINGAPORE, Feb 28 (Reuters) - Conglomerate Vingroup JSC , Vietnam’s biggest property developer, has picked four foreign banks to work on a planned IPO of its residential property unit that could raise about $1 billion, sources familiar with the matter said.
Vingroup has tapped Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley for the planned IPO of Vinhomes, which, if completed, could be one of the biggest ever equity offerings in Vietnam.
The IPO would follow last year’s listing of Warburg Pincus-backed Vincom Retail JSC, Vietnam’s biggest shopping mall operator and another unit of Vingroup, which raised roughly $700 million.
In a presentation to investors this month, Vingroup said it is considering various strategic initiatives for its residential development business, which may include a capital markets offering and listing or other corporate transactions.
Credit Suisse and Morgan Stanley declined to comment. Citigroup, Deutsche Bank and Vingroup did not immediately respond to requests for comment by Reuters. (Reporting by Anshuman Daga; Additional reporting by Mai Nguyen; Editing by Muralikumar Anantharaman)