Tenneco Inc. has selected banks to lead its initial public offering, advancing a public listing four years after being acquired by Apollo Global Management. The automotive supplier is preparing to return to public markets under private equity ownership.

The manufacturer picked Bank of America Corp., Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. to lead the IPO process, according to people familiar with the matter. The selection of these major banks signals confidence in Tenneco's market position and the strength of the planned offering.

The move comes as private equity firms increasingly look to monetize investments in automotive suppliers. Tenneco's IPO would mark another exit strategy for Apollo in the industrial sector, potentially valuing the company at several billion dollars when it returns to public markets.