(Bloomberg) -- A group of investors led by U.S. buyout firm TPG is considering a sale of its minority stake in jewelery maker APM Monaco, people familiar with the matter said, after volatile markets derailed plans for an initial public offering.

The investor group has started sounding out interest from prospective buyers, the people said, asking not to be identified as the information is private. A sale of the 30% stake held by TPG and its partners could give the company an enterprise value of about $1.5 billion, the people said.

Considerations are preliminary, no final decision has been made and the owners could still decide to retain the stake for longer, the people said. A share sale could again be an option once markets stabilize, the people said.

Representatives for TPG didn’t immediately respond to a request for comment.

In 2019, TPG, China Synergy, an investment firm backed by TPG and China International Capital Corp., and European private equity firm Trail bought the 30% stake in APM Monaco for an undisclosed amount.

APM Monaco filed for a Hong Kong listing in June by submitting preliminary documents with the local exchange, but the plan didn’t progress.

Founded in 1982 by Ariane Prette and her son Philippe, APM Monaco makes and sells jewelery emulating the luxury, chicness and elegance of Monaco and the south of France’s Côte d’Azur lifestyle, according to its website. The company counts about 400 stores globally. It also sells accessories such as bags, mugs, t-shirts and hoodies.

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