Schott AG plans to list its specialty medical-glassware division as soon as September, according to people familiar with the matter, paving the way for one of the biggest German initial public offerings this year.

The company plans to start meeting analysts about the proposed offering in July, the people said, declining to be named discussing private information. The division manufactures vials used in mRNA vaccines like the coronavirus inoculations produced by BioNTech SE and Moderna Inc, among other products.

Deliberations are ongoing, and the timing of the potential offering could change, the people said.

A spokeswoman for Schott declined to comment on the timing of a share sale. Speaking in an interview with Bloomberg, Schott Pharma Chief Executive Officer Andreas Reisse said the company’s parent was monitoring market developments.

Reisse declined to comment on a potential valuation of the unit. Bloomberg News previously reported Schott Pharma could seek a valuation of about $4 billion. It may now target a lower figure to price in an IPO discount amid tougher markets, the people said.

“Preparation is proceeding as planned. Any decision depends on market conditions in the second half of 2023,” Reisse said, adding that the environment for an IPO is “relatively stable at the moment.”

Schott Pharma published its first earnings statement on Thursday, showing its margin rose to 29% in the first half of 2023, above the 28% it said it posted for the same period in 2022. The company posted first-half sales of €449 million ($490 million), a 13% increase from a year ago.

The IPO market has been recovering after a slump last year as higher interest rates curbed profits and fueled a selloff in stocks. Earlier this month, Thyssenkrupp AG said it plans to list shares in its hydrogen technology division Thyssenkrupp Nucera.

Schott Pharma’s parent company makes glazing products used in everything from building exteriors to lasers. The company is owned by the Carl Zeiss Foundation, which also controls the lens maker and optoelectronics specialist Carl Zeiss AG.