(Bloomberg) -- LELO, the Swedish sex-toy designer, is exploring a sale after the industry experienced a boom during the coronavirus lockdowns, according to people familiar with the matter.

The firm, part owned by Chinese buyout firm Trustar Capital, has attracted takeover interest from corporate suitors as well as private equity funds, said the people, who asked not to be identified because discussions are private. 

Stockholm-based LELO has shelved plans for a London initial public offering after market volatility caused new stock offerings to dry up, the people said. LELO was seeking a valuation of more than £1 billion ($1.3 billion) in the proposed IPO, Bloomberg News reported last September.

Deliberations are ongoing, and there’s no certainty they will result in a sale, the people said. Representatives for LELO and Trustar declined to comment. 

The global sexual wellbeing market is forecast to double to more than $62.3 billion in revenue by 2030, helped by the declining stigmas around the products, according to Grand View Research. Beyond LELO, big players in the market include Reckitt Benckiser Group Plc, which makes Durex condoms, as well as Trojan owner Church & Dwight Co. and Doc Johnson Enterprises.

The potential sale comes amid a pickup in deals in the industry. Lovehoney, the British retailer of Fifty Shades of Grey-themed erotic accessories, agreed to merge with German rival WOW Tech Group in 2021 to create a 1 billion-euro ($1.1 billion) company.

LELO makes sex toys for women and men including the Inez, a £10,000 gold-plated vibrator that’s among the most expensive on the market, as well as condoms. The brand was started in the front room of a Stockholm townhouse by three industrial designers in 2003. It now has offices in California, Australia and China and sells its LELO and PicoBong-branded products in more than 160 markets, according to its website.

The Silicon Valley Business Journal in 2014 said LELO aspires to be the Apple Inc. of the pleasure products industry, citing design-driven products and technologies with high-end prices. 

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