TOKYO (Reuters) -Tekscend Photomask, a Japanese manufacturer of photomasks for chipmaking, is aiming for a valuation of 300 billion yen ($2 billion) in its initial public offering, two sources familiar with the matter said.

The company, which is part of Toppan Holdings ( TONPF ), could receive listing approval from the Tokyo Stock Exchange as soon as late September, according to the sources, who declined to be named as the information is not public.

Toppan ( TONPF ) carved out the manufacturer three years ago with private equity firm Integral taking a stake in the company.

The IPO will include the sale of both new and existing shares, the sources said. Integral will sell shares it holds in the IPO, one of the sources said.

Toppan ( TONPF ) and Tekscend Photomask are currently preparing for the IPO, the photomask maker said. Toppan ( TONPF ) said the specific schedule has not been decided.

Integral did not immediately respond to a request for comment.

Tekscend Photomask follows chipmaker Kioxia ( KXHCF ) in taking advantage of rules that allow companies to communicate with potential investors in the IPO before receiving listing approval from the Tokyo bourse.

The company manufactures photomasks, which are used to transfer patterns onto semiconductor wafers. Toppan ( TONPF ) has a 50.1% stake in the business, with Integral holding the remaining 49.9%.

Bank of America, Nomura, SMBC Nikko and Morgan Stanley MUFG Securities are lead underwriters on the IPO, the sources said.

Bank of America, Nomura, SMBC Nikko and Morgan Stanley MUFG Securities declined to comment.

($1 = 147.3600 yen)