UST, a digital technology company backed by Singaporean state-owned investor Temasek Holdings, is exploring a US initial public offering and may seek to raise at least US$500 million, according to people with knowledge of the matter.
The Southern California company is working with banks including Goldman Sachs Group Inc and JPMorgan Chase & Co on a potential listing that could take place as soon as the second half of this year, said the people. The company could be valued at as much as US$10 billion in an offering, one of the people said.
The potential first-time share sale could come as companies seeking to go public have been cautiously returning to the market after a two-year slump in listings. Optimism about a revival in US IPOs has been dented by BrightSpring Health Services Inc.’s debut, which saw the first large issuer of 2024 price below a market range and sink as low as 15% below the IPO price.
Deliberations are ongoing and no final decisions have been made, the people said, asking not to be identified discussing confidential information. Representatives for Goldman Sachs, JPMorgan and UST declined to comment.
Founded in 1999 in Aliso Viejo, California and Trivandrum, India, UST provides services including digital business transformation to global companies, according to its website. The firm has offices in more than 30 countries and works with clients in industries ranging from health care and manufacturing to financial services and semiconductors.
Temasek invested US$250 million in UST in exchange for a 20% stake in 2018, and made a follow-on investment of US$120 million two years later. It is currently valued at more than US$1 billion, according to the website.
