The Indian grocery chain Vishal Mega Mart Pvt has chosen banks, as the company presses on with a proposed initial public offering (IPO) in Mumbai this year, according to a report by Bloomberg that cited individuals familiar with the matter.

As early as the fourth quarter of this year, Vishal Mega Mart selected Kotak Mahindra Bank Ltd and ICICI Bank Ltd to assist in setting up a share sale, according to Bloomberg, which cited the sources who asked not to be named because the discussions are confidential. According to the news report, the private equity companies Partners Group Holding AG and Kedaara Capital own it, and the IPO would enable them to reduce their interests.

There’s a good chance that other banks will be brought on board to assist on the IPO. Bloomberg reported, citing sources, that the Gurugram-based business might raise anywhere from $850 million to $1 billion through the IPO.

One of the best investment management firms in Mumbai, Kedaara, declined to comment, while the news article stated that Partners Group, Kotak, ICICI, and Vishal Mega Mart did not immediately reply to calls for comment outside of business hours.

Vishal Mega Mart was acquired by Switzerland-based Partners Group and India-focused private equity firm Kedaara in 2018 for an undisclosed sum from investment firm TPG Capital. In addition to food and groceries, Vishal Mega Mart also sells fashion and other products under its own brand.

Around half of Vishal Mega Mart’s sales come from clothes, according to reports. The store offers T-shirts for as low as ₹99 and pants for approximately ₹800. Along with food, it also offers luggage and household appliances.

Vishal Mega Mart, with a presence in value retail and significant penetration outside of metros and tier 1 cities, has been ranked among the top five retail enterprises in the nation. The firm operates the majority of its outlets out of non-mall sites. There are 560 of the supermart retailer’s locations in India. Its rivals include Tata Group’s Trent, supermarket store Avenue Supermarts, and billionaire Mukesh Ambani’s Reliance Retail.