General Atlantic picks JPMorgan to lead revived IPO effort, source says

Bloomberg News was first to report the hiring of JPMorgan as lead underwriter, while The Wall Street Journal was first to report the revival of the listing plans.

Investment firm General Atlantic has tapped JPMorgan Chase to lead its initial public offering, according to a source familiar with the matter, reviving listing plans that had been stalled for nearly three years.

The New York-based company has also hired Morgan Stanley and Goldman Sachs for the IPO, which could take place as soon as this year, the source said.

The firm confidentially filed for a listing in December 2023, but delayed the offering due to market volatility.

The U.S. IPO market has rebounded in recent months, with the listing of Elon Musk's SpaceX earlier this year among the most prominent offerings, as strong investor sentiment has encouraged more companies across sectors to go public.

General Atlantic manages about $130 billion in assets and has invested a total of $121 billion since its inception, according to its website.

Its global investment portfolio includes artificial intelligence company Anthropic, India's digital payments firm PhonePe and Mexican bank Banamex.

The source, who requested anonymity because the discussions were private, said talks are ongoing and offering details, including the number of banks involved, could change.

General Atlantic and Morgan Stanley declined comment. JPMorgan and Goldman Sachs did not immediately respond to Reuters requests for comment.