Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) Hired for IAC IPO

In a contradictory action, privately held auto interiors business, International Automotive Components Group, has reportedly sought out buyers for its business at the same time they hired Bank of America (NYSE:BAC) and JPMorgan (NYSE:JPM) to start working on an IPO on its behalf.

IAC is owned by billionaire investor Wilbur Ross, whose representatives have approched several auto parts makers to measure what type of interest they may have in acquiring the company.

People not wanting to be identified because they weren't authorized to speak on the matter, said IAC could generate over four times its estimated 2011 earnings before EBITDA.

The company is thought to be worth from between about $1.5 billion and $2 billion, but more toward the lower end.