Apollo Global Management LLC could begin an initial public offering process for cloud-computing company Rackspace Hosting Inc. before the end of 2018, Bloomberg News reported March 27, citing sources with knowledge of the matter.

The private equity firm has engaged in early discussions with advisers, sources said, adding that Apollo could still decide against an IPO.

Rackspace could reportedly fetch an enterprise value of nearly $10 billion through a U.S. listing, one of the sources said.

In November 2016, San Antonio-based Rackspace completed its going-private transaction with affiliates of Apollo Global Management in a deal that valued the managed cloud services company at $4.3 billion.