JP Morgan Chase & Co. wants an above-par price for its merchant banking business, One Equity Partners, said three people with knowledge of the matter, an unusually high level for such a transaction.

The New York bank has told prospective buyers it wants bids at least equal to the net asset value of One Equity's portfolio, which was about $5.4 billion as of September 30, the people said. Initial offers for the portfolio came in around New Year's Day, with some above par, one of those people said.