HNA Group Co.’s technology outsourcing arm has asked banks to pitch for a role arranging a fundraising of about $300 million before a planned initial public offering, people with knowledge of the matter said.

The Chinese conglomerate’s Pactera Technology International Ltd. unit is exploring a potential sale of convertible preference shares, according to the people, who asked not to be identified because the information is private. Pactera plans to use the proceeds to fund bolt-on acquisitions ahead of a listing of the enlarged company, the people said. It has also been considering other forms of fundraising, and details of the plan could change, one of the people said.

HNA, which has spent more than $40 billion on acquisitions around the globe, is pushing ahead with plans to monetize its previous investments after slowing the pace of its dealmaking spree. The group, which has been facing scrutiny from Chinese regulators, is also seeking to list some of its overseas commercial properties through a property trust in Singapore.

“For acquisitive companies like HNA, they constantly look for M&A and fundraising opportunities,” Linus Yip, chief strategist at First Shanghai Securities in Hong Kong, said by phone Wednesday. “But we can see that for now they put more resources on fundraising activities amid China’s increasing scrutiny on prolific buyers.”

A representative for HNA couldn’t immediately comment. HNA said in September that it hasn’t appointed any investment bank to assist on an IPO of Pactera.

Arranging the Pactera deal could pose a challenge for some Western investment banks that have recently shied away from advising on HNA transactions. Goldman Sachs Group Inc. halted work on Pactera’s planned IPO earlier this year because the deal didn’t meet internal compliance requirements, a person with knowledge of the matter said last month.

Bank of America Corp. has told its investment bankers to stop working on HNA deals amid growing concerns about debt levels and ownership structure, people familiar with the matter said in July. HNA said at the time that the cooperation between its acquired units and Bank of America Merrill Lynch is proceeding normally.

Pactera was formed through the 2012 merger of HiSoft Technology International Ltd. and VanceInfo Technologies Inc. A group led by Blackstone Group LP bought and delisted Pactera in 2013, and HNA agreed to buy the company about three years later.