(Bloomberg) -- Singapore’s state-owned investment firm Temasek Holdings Pte is considering a US initial public offering of Advanced MedTech Holdings Pte after a planned sale of the medical device maker stalled, according to people with knowledge of the matter.

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The firm is working with advisers to explore a potential share sale that could raise $200 million to $300 million, said the people, who asked not to be identified as the information is private. A listing may take place as soon as next year, one of the people said.

Temasek last year was exploring a sale of the Singapore-based company at a $1 billion valuation, according to the people. Negotiations later hit a snag as the prospective offers didn’t meet the expectations of the seller, they said.

Considerations are at an early stage and details of the IPO could still change, the people said. Temasek may opt for a sale again or keep the business for longer, they added. Advanced MedTech is always assessing the best possible options to finance its growth plans, while it doesn’t typically disclose any financial plans, its representative said in response to a Bloomberg News query. A representative for Temasek declined to comment.

Advanced MedTech develops medical equipment with a focus in urology devices and contract manufacturing services, according to its website. Its products are available to patients in 100 countries.

The company has made strategic investments including buying a majority interest in Shenzhen Wikkon Precision Instruments Co., a Chinese urology and shock wave therapy device maker, for an undisclosed amount last year. In 2021, Advanced MedTech led a $3 million series A funding in Devicare, a Barcelona-based startup that develops urological treatments which combines nutritional therapy with digital monitoring.