Advanced MedTech Holdings Pte, a medical device maker backed by Singapore’s state-owned investment firm Temasek Holdings Pte, has chosen to list in Singapore instead of the US, according to people with knowledge of the matter.

The company has picked Goldman Sachs Group Inc., Morgan Stanley and Oversea-Chinese Banking Corp. to work on its planned initial public offering, which could raise about $200 million to $300 million, the people said. A listing in the city-state may take place as early as the end of this year and could value the firm at about $1 billion, they said.

The Singapore-based medical device maker had considered a US listing earlier this year after a planned sale by Temasek stalled, Bloomberg News reported in March.

Deliberations are ongoing and details of the first-time share sale could change, the people said, asking not to be identified as the process is private. Representatives for Advanced MedTech, Goldman Sachs, Morgan Stanley, OCBC and Temasek declined to comment.

A listing by Advanced MedTech would help catalyze Singapore’s dormant IPO market, which is on track for its worst showing since at least 2011. The bourse has seen only three new listings this year, raising a total of $18.6 million, according to data compiled by Bloomberg. That’s down from $348 million in the same period last year.

Advanced MedTech makes medical equipment with a focus in urology devices and contract manufacturing services, according to its website. Its products are available to patients in more than 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, last year for an undisclosed amount. In 2021, Advanced MedTech led a $3 million series A funding round for Devicare, a Barcelona-based startup that develops urological treatments which combine nutritional therapy with digital monitoring.

--With assistance from Xiao Zibang.