(Bloomberg) -- EQT AB is weighing an initial public offering of Azelis, a distributor of specialty chemicals and food ingredients, according to people familiar with the matter.

The private equity firm is working with advisers on the listing plans, the people said, asking not to be identified discussing confidential information. Azelis could be valued at about 5 billion euros ($6 billion) in any IPO, the people said.

EQT is eyeing a listing of Azelis after the summer, the people said. Deliberations are ongoing and decisions on value and timing of an IPO may change depending on market conditions and investor appetite, according to the people.

Representatives for Azelis and EQT declined to comment.

Based in Antwerp, Belgium, Azelis distributes specialty chemicals used in everything from animal nutrition to industrial cleaning. The company has about 2,500 employees, and customers in more than 50 countries, according to a person familiar with the matter.

EQT acquired Azelis in 2018 from Apax Partners for an undisclosed amount. Canada’s PSP Investments was a co-investor in the deal.

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