Jeld-Wen Inc., the maker of windows and doors that supplies HGTV’s remodelling show “Dream Home,” is planning an initial public offering as early as the second quarter, according to people familiar with the matter.

The IPO could raise about $500 million, valuing the Onex Corp.-backed company at about $5 billion, including debt, said two of the people, who asked not to be identified because the situation is private. Plans are not final and timing may depend on market conditions, they said.

The Klamath Falls, Oregon-based company is starting the process of going public after a quiet start to the year for IPOs. Only nine companies have listed on U.S. exchanges in 2016, as volatility plagues equity markets. Bats Global Markets Inc., the exchange group making its second swipe at a public offering, will begin its roadshow as soon as next week, according to a person familiar with the matter.

The funds raised from a potential IPO would go toward reducing Jeld-Wen’s debt, two of the people said. The company had revenue of approximately $3.5 billion for the 12 months through March 2015, according to a report by Moody’s Corp.

A spokeswoman for Onex declined to comment. Representatives for Jeld-Wen didn’t immediately respond to requests for comment.

Onex invested $871 million in Jeld-Wen in 2011, according to its website. At the same time, Jeld-Wen completed a $460 million bond offering which, with the sponsor’s investment, was used to refinance existing debt.

The company was founded in 1960 by Richard Wendt, whose trust for family, employees and existing shareholders owns the remainder. Wendt died in 2010. Jeld-Wen’s products are sold by retailers such as Home Depot Inc., according to its website.

Jeld-Wen was also weighing a sale, people familiar with the matter said in August. The company is working with Credit Suisse Group AG, Barclays Plc and Citigroup Inc. on possible IPO plans, the people said at the time.

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