The private equity owner of Applus+ has picked Morgan Stanley and UBS to oversee a stock market listing of the Spanish industrial testing firm, a person familiar with the matter said.

Carlyle Group, which bought Applus+ in 2007 in a deal valuing it at 1.48 billion euros ($2 billion), plans to float the company next year and expects to appoint more banks in the coming months to work as bookrunners, said the person.

The share sale, for which Rothschild is acting as an advisor, is most likely to take place in Madrid but a final decision on location will be made on Thursday, the person added.

Carlyle and Applus+ declined to comment.