General Atlantic Hires JPMorgan to Lead Revived IPO, Reuters Reports
Key Takeaways
- •General Atlantic confidentially filed for an IPO in December 2023 and later postponed the listing because of market volatility.
- •JPMorgan Chase has been selected to lead the revived offering, according to Reuters sources.
- •Morgan Stanley and Goldman Sachs have also been hired to work on the IPO, though the final bank lineup could still change.
- •General Atlantic manages about $130 billion in assets and has invested $121 billion since it was founded in 1980.
- •The firm has previously backed companies such as Facebook, Uber and Airbnb and currently holds stakes in Anthropic, PhonePe and Banamex.
General Atlantic has selected JPMorgan Chase, the largest US bank by assets, to lead a revived initial public offering that could take place as soon as this year, Reuters reported, citing a person familiar with the matter.
The New York-based investment firm has also hired Morgan Stanley and Goldman Sachs to work on the offering, the source said. Discussions are still under way, and details, including the number of participating banks, could change. The bank lineup matters because underwriting roles can shape how an IPO is prepared, marketed and executed, especially after a postponed attempt returns to the market.
General Atlantic confidentially filed for a listing in December 2023 but postponed the offering because of market volatility. Such confidential filings allow companies to prepare registration paperwork with the US Securities and Exchange Commission without immediately disclosing financial details to the public.
The firm manages about $130 billion in assets and has invested $121 billion since its founding, according to its website. Founded in 1980 as the investment arm of Atlantic Philanthropies, the charity created by Duty Free Shoppers co-founder Chuck Feeney, General Atlantic has specialized in growth-stage investments across technology, financial services, healthcare and consumer businesses. Earlier deals included stakes in Facebook, Uber and Airbnb. Its current portfolio spans Anthropic, the artificial intelligence company behind the Claude chatbot; Indian payments company PhonePe; and Mexican bank Banamex, the consumer banking business being separated from Citigroup.
Bloomberg News first reported JPMorgan's hiring as lead underwriter, while The Wall Street Journal first reported that the listing plans had been revived.