Private equity (PE) firm H&Q received more than 10 initial bids for online recruiting company JobKorea on Monday (December 14), raising hopes for a successful sale.

The bidders include PE firms CVC Capital Partners and TPG Asia. H&Q and deal manager Morgan Stanley are expected to shortlist bidders for the final around of the auction by the end of this month.

H&Q started circulating invitation letters in October with information packages on the company sent to select potential buyers that signed confidentiality agreements. They reportedly included DaouKiwoom Group, which owns JobKorea’s rival Saramin HR and is said to be seeking to expand its business.

However, JobKorea and Saramin HR are estimated to have a combined market share of about 70%, which would bring scrutiny from antitrust regulators.

JobKorea provides online job search services to customers with various needs, including those looking for internships, part-time jobs, full-time jobs and jobs after retirement. This should be attractive to potential buyers, industry watchers said.

If it is completed next year, the sale would mark the exit of H&Q’s eight-year investment. The firm bought 49.9% of JobKorea from U.S. job-hunting service provider Monster Worldwide for $90 million in 2013 and the remaining 50.1% stake for 110 billion won ($100 million) in 2015. (Reporting by Ar-rum Rho)