Chinese home rental service provider Ziroom is planning a Hong Kong IPO that will raise about US$1 billion (6.96 billion yuan) this year, Bloomberg reported Wednesday. The company will file a preliminary prospectus as soon as April.

People close to the matter said Ziroom, backed by Softbank, is working with Citic Securities, Goldman Sachs and Morgan Stanley to prepare for the listing. Citic Securities and Goldman Sachs declined to comment while Morgan Stanley and Ziroom could not be reached for comment.

According to Ziroom’s website, the company has managed over 1 million rooms in ten cities in China, offering services to more than 5 million tenants.