Cloud and Linux giant SUSE is planning a pre-summer initial public offering (IPO) in a deal that could value the company at €7-8 billion ($8.3-9.5 billion), as reported by Reuters.

SUSE was purchased by EQT from Micro Focus in a $2.5 billion deal in early 2019, marking a new era in the history of the company.

EQT, a Swedish-based private equity firm with €52 billion in raised capital, has reportedly stepped up preparations to spin SUSE out in an IPO.

To execute the deal, EQT has chosen Bank of America and Morgan Stanley as so-called global coordinators and Goldman Sachs, Deutsche Bank and Jefferies as bookrunners, Reuters quoted sources as saying.

SUSE registered a 14% year-over-year jump in its Q3 revenue amid the effects of the COVID-19 pandemic on the global economy this quarter.

Further, the company recorded 81% growth in its Cloud ACV (Annual Contract Value) bookings thus marking 14 consecutive quarters of year over year cloud ACV increase.