Investment banks Citi and UBS have been hired to manage Veda's $1 billion-plus IPO - Private equity firm Pacific Equity Partners' intends to re-list its credit...

Investment banks Citi and UBS have been hired to manage Veda's $1 billion-plus IPO - Private equity firm Pacific Equity Partners' intends to re-list its credit reporting and data business Veda, with an IPO possible by year-end. PEP is expected to progress its IPO plans by appointing a chairman and is thought to be well advanced in drafting a prospectus. The PE firm has not committed to a listing timetable, though much depends on the state of the markets. PEP has told its banks it will remain fully invested at the IPO in order to share some of Veda's upside and to appease fund managers who are sceptical of the vendor's intentions. PEP has told its banks that revenue should grow significantly over the next three years as regulatory changes drive demand for its products. When Veda was privatised in 2007, it was valued at $974 million. (VIEW LINK)