EcoCeres Inc, a producer of sustainable fuel backed by Bain Capital, is considering an initial public offering in Hong Kong instead of London, according to people familiar with the matter.

The Hong Kong-based company could go public as soon as the second half of next year, said one of the people, who asked not to be identified because the information is private. It has recently spoken to Hong Kong Exchanges & Clearing Ltd to explore the possibility of listing in the city, the person said.

EcoCeres may seek a primary listing in Hong Kong and explore a secondary listing in the future, one of the people said.

Considerations are ongoing and details could still change, the people said. Representatives for Bain and HKEX declined to comment. A spokesperson for EcoCeres said that as a matter of policy, the company doesn’t comment on potential capital markets transactions, including any possible IPO plans or listing venues.

ALSO READ: Millennium, Jane Street show Hong Kong’s lure for key IPO investors

EcoCeres’ switch to Hong Kong would deal another blow to London, which had fallen out of the world’s top 20 IPO markets at the end of the third quarter, overtaken by Mexico and Singapore. Companies have only raised $1.5 billion through IPOs in the UK capital this year, a far cry from the $23.4 billion raised during a boom in 2021, according to data compiled by Bloomberg.

Bloomberg News reported in January that EcoCeres was exploring a listing on an exchange in Europe and that London was one venue under consideration. The company hadn’t ruled out Hong Kong at the time. EcoCeres could raise $500 million to $1 billion in an IPO, depending on market conditions, people have said.

EcoCeres was set up by Hong Kong & China Gas Co, known as Towngas, and Bain invested in 2023. The company converts biomass waste into products including renewable aviation fuel, hydrotreated vegetable oil, renewable naphtha and cellulosic ethanol.