New Delhi, Sept. 23 -- Synechron, a bootstrapped global IT company, has initiated discussions with private equity investors for a stake sale, two people told Mint.

The proposed transaction can range from a minority stake to a significant majority, the people said. Early discussions have been held with large private equity firms including EQT AB, CVC and Apax Partners, the people said.

"The company is also evaluating a share-swap structure, similar to recent transactions in the IT services sector," one person said.

Synechron, which has crossed $1 billion in revenue, could seek a valuation of $3 billion-3.5 billion or more, the people said.

"Multiples on revenue are currently around 1.5-2.5, but for larger global players it could go hig...