Temasek-Backed UST Seeks to Raise at Least $500 Million in IPO
- IT services firm could seek US listing soon as second half
- Company founded in California and India valued over $1 billion
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UST, a digital technology company backed by Singaporean state-owned investor Temasek Holdings Pte, is exploring a US initial public offering and may seek to raise at least $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 $10 billion in an offering, one of the people said.