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Baidu's iQiyi picks BofA, Credit Suisse, Goldman for U.S. IPO: IFR

Reuters
A person holds a phone with Baidu Inc's video streaming service iQiyi in Jinan, Shandong province, China, in this May 25, 2016 photo illustration. Picture taken May 25, 2016. REUTERS/Stringer

HONG KONG (Reuters) - Baidu Inc's (BIDU.O) iQiyi, a Netflix (NFLX.O) style video streaming service in China, has picked three banks to help arrange a U.S. initial public offering (IPO) worth about $1 billion, IFR reported on Monday, citing people familiar with the plans.

Bank of America, Credit Suisse and Goldman Sachs will help manage the deal, expected for as soon as the first half of 2018, added IFR, a Thomson Reuters publication.

Baidu and the three banks did not immediately reply to Reuters requests for comment on the IPO plans.

(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto)