(Bloomberg) -- Epta SpA, an Italian maker of commercial refrigeration systems, is considering seeking a valuation of as much as 1.8 billion euros ($2 billion) in an initial public offering later this year, people with knowledge of the matter said. 

The company’s proposed Milan share sale could raise about 400 million euros to 500 million euros, according to the people, who asked not to be identified because the information is private. It is considering listing as soon as the second quarter, the people said. 

Epta, controlled by the Nocivelli family, makes refrigerated display cases and cabinets for food retailers as well as industrial cold rooms. 

Listing candidates in Europe are facing tricky markets as the prospect of interest-rate increases combined with slowing economic growth and geopolitical tensions weigh on demand for new stocks. Epta hasn’t finalized details of the offering, and the listing timeline and valuation target could change depending on investor demand, the people said. 

A spokesperson for Epta didn’t immediately respond to a request for comment. 

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