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Report: Home Credit Group mandates banks for $1B Hong Kong IPO

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Report: Home Credit Group mandates banks for $1B Hong Kong IPO

Home Credit Group BV, which provides consumer financing services, mandated Citigroup, Morgan Stanley and HSBC Holdings to lead its planned Hong Kong IPO, Reuters reported, citing three people with direct knowledge of the matter.

The company, which is controlled by Czech billionaire Petr Kellner's investment group PPF, plans to file an application on the Hong Kong stock exchange as early as June, according to the sources.

The group hopes to raise at least $1 billion from the IPO, which could take place in September or October, the sources said, adding that the final figure could be revised depending on the valuation.

Home Credit Group was founded in 1997 in the Czech Republic and has since expanded its operations to 10 countries, including the U.S., Russia, China and India.

The company has assets totaling more than €23.6 billion worldwide and reported net profit attributable to shareholders of the parent of €229 million for the first nine months of 2018, the newswire noted.