Ace Designers has sought pitches from investment banks for a potential initial public offering in Mumbai, India, that could raise up to $400 million, Bloomberg reported Tuesday, citing people familiar with the matter.

The Bengaluru-based industrial machinery maker is expected to appoint advisers soon. The offering could include a combination of newly issued shares and a sale of existing shareholders' stakes, according to the report.

Details of the IPO, such as the size, structure and timing, are yet to be finalized, Reuters reported, citing sources.

Ace Micromatic, the parent company of Ace Designers, did not immediately respond to a request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)