(Bloomberg) -- Vietnam’s Masan Group is mulling an initial public offering of its unit Masan Consumer Holdings this year among other funding options to fuel expansion, Chief Executive Danny Le said during the company’s Ho Chi Minh City shareholders’ meeting.

The conglomerate 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, Bloomberg News reported last week. 

A $1.5 billion IPO would surpass Vinhomes JSC’s $1.4 billion first-time share sale in 2018, data compiled by Bloomberg show.

Masan Group reported net income for the first quarter of 104 billion dong ($4.1 million) compared with 215 billion dong from the same period last year.

Masan targets 8,000 stores by 2028, increasing from 3,501 stores at the end of 2023, the company said. 

Masan Consumer Corp., a unit of Masan Consumer Holdings, will delist from Vietnam’s Unlisted Public Company Market and list on Ho Chi Minh City Exchange, the company said in a document prepared for the shareholders’ meeting. 

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