Vietnam-based online gaming firm VNG Corp, which is backed by Singapore wealth fund GIC Pte, is considering raising fresh funds ahead of a potential US listing, Bloomberg reported on Monday.

The company is said to be seeking to raise $200 million to $300 million from both new and existing backers, the report said, quoting people familiar with the matter.

The company intends to use the proceeds to bolster its expansion plans, the people said.

VNG, whose investors also include Facebook co-founder Eduardo Saverin and Raj Ganguly’s B Capital Group, had been exploring fundraising options including going public in the US through a reverse merger with a blank-check company, Bloomberg News reported in August. A transaction could value VNG at $2 billion to $3 billion, according to the earlier report.

While a SPAC listing is still under consideration, the company is now leaning towards an initial public offering in the US, an option that it has been exploring since at least 2017. VNG is also restructuring the business to make it easier for a potential US listing, the people added.

Discussions are ongoing and details including the size of the round could still change. A representative from VNG said the company “actively engages with investors and stakeholders as part of its ordinary course of business” and declined to comment further, according to the report.

Founded in 2004, the Vietnam’s first unicorn offers online games and operates communication and entertainment platforms. It also provides finance and payment as well as cloud services, according to its website. It has 11 offices in five countries.

GIC-backed VNG mulls $3 billion SPAC listing – report