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(Bloomberg) -- Deutsche Boerse AS has asked for bank proposals for a potential initial public offering of its governance data and analytics unit ISS Stoxx, according to people familiar with the matter.

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The German exchange operator has asked for pitches on listing ISS Stoxx in Frankfurt, with a possibility of also floating the business in the US, the people said. While Deutsche Boerse is moving ahead with the IPO preparations, it’s still considering the option of buying out General Atlantic’s 20% stake in ISS Stoxx, the people said.

Deliberations are ongoing and details could still change, said the people, who asked not to be identified as the information is private. A representative for Deutsche Boerse said the company is still pursuing a dual track process for ISS Stoxx and hasn’t made a decision. A representative for General Atlantic declined to comment.

Deutsche Boerse said in 2023 that it would create a path for General Atlantic to eventually exit its investment. Last year, Deutsche Boerse Chief Financial Officer Gregor Pottmeyer said the company could pursue a listing of ISS Stoxx or buy back General Atlantic’s 20% stake.

ISS Stoxx provides governance data and analytics including recommendations for investors on how they should vote in shareholder proposals and on other topics such as the election of board members. It also provides benchmark and custom indices on corporate governance, sustainability, cyber risks, and fund intelligence research. The company has more than 3,400 employees in 19 countries, its website shows.

Deutsche Boerse acquired a majority stake in International Shareholder Services in 2021. It later combined the ISS business with index compiler Qontigo.

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