Byju’s finalising IPO valuing tutoring unit at up to $4 billion

India’s most valuable startup, online-education giant Byju’s, is finalizing plans for a $1 billion initial public offering of its tutoring business Aakash Educational Services, according to people familiar with the matter.

The company is in talks with at least four foreign banks — JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley — as well as Indian banks including Kotak Mahindra Bank. Ltd. and Axis Bank Ltd. as it seeks arrangers for the listing, said one of the people, who asked not to be named discussing confidential conversations. The unit may be valued at $3.5 billion to $4 billion, the person said.