U.S. business software company BMC Software Inc [BSII.UL] is holding conversations with investment banks about an initial public offering (IPO) that could value it at more than $10 billion, including debt, people familiar with the matter said on Friday.

The move comes as the private equity firms that control BMC – Bain Capital and Golden Gate Capital – consider ways to start cashing out on their investment after taking the company private in 2013 in a $6.9 billion leveraged buyout.

BMC has held discussions with banks in recent weeks about appointing underwriters for an IPO, the sources said. The timing of the IPO has not been decided, and the deliberations have not been affected by this week’s stock market volatility, the sources added.

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