Investment firm GLP Pte has selected banks for a Hong Kong initial public offering that may take place as soon as the first half of 2026, according to people familiar with the situation.

The Singapore-based company has picked Citigroup Inc, Deutsche Bank AG, Jefferies Financial Group Inc and Morgan Stanley to manage the share sale, the people said, asking not to be identified discussing a private matter.

Deliberations are ongoing and details such as the offering size and timing haven’t been finalized, the people said. GLP might also decide against pursuing a listing in the end, they added.

Representatives for GLP and Morgan Stanley didn’t respond to requests seeking comment. Citi, Deutsche Bank and Jefferies declined to comment.

GLP, which regards its data center business as a significant growth driver, invests in sectors including digital infrastructure, logistics and renewable energy. The company’s revenue was $1 billion in the first half of 2025.

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GLP listed in Singapore in 2010, raising S$3.9 billion ($3 billion) before agreeing in 2017 to a S$16 billion buyout — a record for Asia — by a Chinese consortium including private equity firms Hillhouse Investment, Hopu and now distressed developer China Vanke Co.

Last year, it sold GLP Capital Partners Inc’s non-China operations for $5.2 billion to Ares Management Corp. GLP has also tried to sell its China operations, but didn’t reach an agreement with a state-owned buyer. GLP secured a $1.5 billion investment from Abu Dhabi Investment Authority in August.

On Vanke’s latest debt challenges, advisers including Houlihan Lokey Inc. have begun approaching the developer’s offshore bondholders. Creditor recovery depends more on Vanke’s tangible assets, chiefly its 21percent stake in GLP, Bloomberg News reported this month.