Temasek-Backed UST Seeks to Raise at Least $500 Million in IPO

UST, a digital technology company backed by Singaporean state-owned investor Temasek Holdings Pte, is exploring a US initial public offering and may seek to raise at least $500 million, according to people with knowledge of the matter.

The Southern California company is working with banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a potential listing that could take place as soon as the second half of this year, said the people. The company could be valued at as much as $10 billion in an offering, one of the people said.

The potential first-time share ...