Private equity firm TPG Inc. is considering options for APM Monaco, including a possible stake sale or an initial public offering of the jeweler, according to people familiar with the matter.

TPG is working with an adviser and may start a dual-track process early next year, the people said, asking not to be identified discussing private information. The US investment firm is aiming to fetch a valuation of at least $2 billion for the company in a deal, one of the people said.

Deliberations are preliminary and TPG might decide to keep the asset for longer, the people added.

A representative for TPG declined to comment.

A TPG-led consortium acquired a 30% stake in APM Monaco in 2019, and in 2021 documents were submitted for a Hong Kong IPO that never materialized. The following year, t

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