IBS Software Services Pvt., backed by Blackstone Inc., is considering a US initial public offering that could value the company at more than $2 billion, according to people familiar with the development, defying concerns about heightened market volatility.
The company is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. for the planned first-time share sale, the people said. IBS Software has filed confidentially for the US IPO, which could happen as soon as this year, they added. The company is considering seeking at least $500 million in the offering, the people said, who asked not to be identified as the information is private.
Considerations are at an early stage and details of the IPO including size and timeline could still change, said the people. Representatives for Blackstone, Goldman Sachs and JPMorgan declined to comment. A spokesperson for IBS Software said the company is focused on taking advantage of the recovery in travel, and that it is a strong IPO candidate in the right market environment.
IBS Software provides software solutions to airlines, logistics and hospitality companies, according to its website. The Thiruvananthapuram, Kerala-based company has a global presence with offices in Australia, Canada, Dubai, Japan, South Korea, the UK and the US.
Blackstone announced in 2015 it would buy a minority stake in IBS Software for $170 million.