TPG Capital Asia has picked banks to help prepare an initial public offering of its pathology business in the region that could raise as much as S$800 million ($594 million) in Singapore, according to people with knowledge of the matter.

The private equity firm is working with Citigroup Inc. and CIMB Group Holdings Bhd. on the planned first-time share sale of Pathology Asia Holdings Pte, said the people. Credit Suisse Group AG and DBS Group Holdings Ltd. are also working on the offering, they said, asking not to be named as the process is private. A listing in the city-state could take place as soon as the end of this year, the people said.

TPG Capital Asia manages about $9.9 billion in assets, according to its website. The arm of global buyout firm TPG has offices in Beijing, Hong Kong, Melbourne, Mumbai, and Singapore.

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Source: Deal Street Asia

By Elffie Chew