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

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 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, ​Morgan Stanley and Goldman Sachs declined comment. JPMorgan did not immediately ​respond to a ⁠Reuters request for comment.

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.

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.

U.S. home builder sentiment unexpectedly ticked higher in ⁠August, ⁠but residential construction firms’ confidence remains weak ⁠overall, weighed down by economic uncertainty, high mortgage rates and steep building costs ​aggravated by the U.S.-led war with Iran, a survey showed on Monday.

The National Association of Home Builders/Wells Fargo Housing Market index ‌rose one point to a reading of ‌35 this month from July’s unrevised level of 34. Economists polled by Reuters had forecast the index would decline ⁠for a third ⁠straight month to 33.

A NAHB subindex measuring current sales of single-family homes ticked ​up to 39, the highest since May, from 37 in July, while measures of future sales and prospective buyer foot traffic were both unchanged.

On a regional basis, sentiment edged up in the Northeast, South and West and was unchanged in the Midwest.

The national ​index level in August marked the 16th straight month it has remained below 40, the longest such stretch ⁠since ⁠2012. Indeed, the index has not ⁠breached the 50 ​level demarking business conditions that builders consider to be positive in more than two years.

“While builder sentiment edged ​higher in August, builders continue to ⁠contend with high construction costs and broader economic uncertainty,” NAHB Chairman Bill Owens, a home builder and remodeler from Worthington, Ohio, said in a statement. “Rising gas and diesel prices are pushing up material costs, and spec home building remains weak as many prospective buyers stay on the sidelines.”