(Bloomberg) -- Vietnam’s Masan Group is considering listing its consumer unit, people familiar with the matter said, in what could potentially be the country’s biggest-ever initial public offering.

The conglomerate, based in Ho Chi Minh City, is working with banks including Jefferies Financial Group Inc., Morgan Stanley and UBS Group AG on an IPO of Masan Consumer Holdings that could raise $1 billion to $1.5 billion the people said, asking not to be identified as the process is private. The share sale may take place early next year if market conditions suit, they said.

Deliberations are ongoing and details such as size and timing could change, the people said.

A Masan Group representative declined to comment, other than saying more information would be provided about the company’s plans later this month. Representatives for the banks declined to comment. 

Masan Group’s shares rose as much as 4.2% following the Bloomberg News report Wednesday, the biggest gain since March 7. 

A $1.5 billion IPO would be a boost for Vietnam’s stock market and surpass Vinhomes JSC’s $1.4 billion first-time share sale in 2018, data compiled by Bloomberg show. The Ho Chi Minh Stock Index is up about 8% this year. 

Masan Consumer Holdings produces a range of food and beverages, including sauces, noodles, cereals, instant coffee and beer, according to its website. 

Bain Capital invested $250 million in Masan Group via convertible dividend preference shares in 2023, with the Vietnamese company saying the proceeds would be used to reduce debt and strengthen its finances. It was also in talks with other parties to potentially lift the total investment to $500 million.

Masan Group had been planning an IPO for its retail platform, The CrownX, but Chief Executive Officer Danny Le told investors a year ago that the process would be delayed to 2024 or 2025. 

--With assistance from Mai Ngoc Chau, Pei Li and Nguyen Kieu Giang.

(Updates with names of banks working on the potential IPO.)

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