Apax Partners has hired Credit Suisse Group AG and Jefferies Group LLC [JGLL.UL] to manage the IPO, the source said.

Bloomberg, which first reported the story, said shareholders and other executives of Permanent Capital Vehicle would be prevented from selling their stakes through a lock-up.

Apax Partners declined to comment on the story.

Credit Suisse and Jefferies could not be reached for comment outside regular business hours.

(Reporting by Ankush Sharma in Bangalore; editing by Meredith Mazzilli)

By Greg Roumeliotis