Ngern Tid Lor Co., Ltd. has picked banks to explore a potential initial public offering that could raise as much as THB 30 billion, people with knowledge of the matter said. The lender and insurance broker is working with Morgan Stanley, Phatra Securities Plc and UBS AG on preparations for the possible IPO in Bangkok, which could launch as soon as in the first half of 2021, the people said, asking not to be identified because the information is private. Deliberations are at an early stage and details of the potential offering including size and timeline are subject to change, the people said. Representatives for Ngern Tid Lor, Morgan Stanley and Phatra Securities declined to comment. A representative for UBS did not respond to requests for comment. A Ngern Tid Lor IPO would potentially provide an exit opportunity for investors including a consortium led by CVC Capital Partners.