Blue Coat Systems Inc., the Internet security-software company backed by Bain Capital, will seek to raise as much as $500 million in an initial public offering this year, people with knowledge of the matter said.

The company’s stock could begin trading in the U.S. as soon as the second quarter, depending on market volatility, said the people, who asked not to be identified because the information is private.

A public listing in 2016 would mark the second exit by Blue Coat’s private equity backers in the past four years. A group led by Thoma Bravo took the company private in 2012 in a $1.3 billion transaction. Last May, Bain acquired the business for $2.4 billion.

Spokeswomen for Blue Coat and Bain didn’t immediately respond to phone and e-mail requests for comment.

There have been no IPOs on U.S. exchanges in January, putting it on track for the slowest month since December 2008, when zero companies filed after the bankruptcy of Lehman Brothers Holdings Inc. Volatility in equity markets is the primary culprit, driven by the slowing economy in China, uncertainty about how higher U.S. interest rates will affect the financial system, depressed commodity prices and turmoil in the high-yield bond market.

In January 2015, 19 companies went public in the U.S.

Blue Coat picked Morgan Stanley and JPMorgan Chase & Co. to lead its IPO, a person with knowledge of the matter said earlier this month. Credit Suisse Group AG and Goldman Sachs Group Inc. also will help manage the offering, the person said.

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