(Bloomberg) -- Octo Telematics SpA, the Italian car insurance-technology company, is pursing an outright sale alongside preparations for an initial public offering, according to people with knowledge of the matter.

Octo, owned by Russia’s Renova Group, is working with advisers to seek potential bidders for the company, which could fetch as much as $2 billion, the people said, asking not to be identified as the matter is private.

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