UAE’s long-haul operator Etihad Airways has tapped more banks as it gears up for an initial public offering (IPO) that could raise $1 billion, Bloomberg reported on Friday, citing people familiar with the matter.

The airline has picked BNP Paribas and Morgan Stanley as joint bookrunners on the share offering, with the listing targeted to take place by the end of the year.

Last March, the news agency reported that the airline had picked Citigroup, HSBC Holdings and First Abu Dhabi Bank as lead advisers for the IPO.

Etihad swung to a record $296 million core operating profit for the first half of 2022, from a loss of $392 million a year prior.

Abu Dhabi wealth fund ADQ took over the full ownership of Etihad Aviation Group in 2022, as part of a strategy to position the emirate as a global hub for aviation.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com