By Anirban Sen

(Reuters) – Two people familiar with the matter say that Bain Capital, a private equity firm, has begun preparations for Brillio’s listing on the U.S. Stock Market in the first quarter of next year.

Brillio hired investment banks Goldman Sachs Group Inc (NYSE:) and JPMorgan Chase & Co (NYSE:) to help it prepare for an initial public offering (IPO), the sources said.

One source said that the company might seek a value including debt exceeding $3 billion. Sources requested anonymity due to the confidential nature of IPO preparations. They also warned that there could be changes in the size and timing of the deal.

Bain and Goldman Sachs declined to comment immediately on requests. JPMorgan refused to comment.

The surge in IT services has caused a rise in remote work during the pandemic-induced lockdowns of the past 18 month. It also provided an opportunity for technology consultants such as Brillio to gain a new market.

Brillio provides technology services to clients, including cloud-based apps and analytics as well as software maintenance.

Edison’s New Jersey-based firm was created in 2014 from Collabera, an information technology recruitment and staffing service company. In 2019, Bain purchased a majority of the stake.

Former leaders of Brillio IBM Raj Mamodia, executive at Cognizant (NASDAQ) since the inception of its company.

Bain invested over the last decade in technology service firms like Quest Global and Genpact (NYSE:).