Insta360, a Chinese mainland action cameramaker with backers including IDG Capital, is considering an initial public offering in the Hong Kong Special Administrative Region, according to people familiar with the matter.

The Shenzhen-based maker of 360-degree cameras and virtual reality devices could seek a valuation of at least 15 billion yuan ($2.1 billion) in a share sale, the people said, asking not to be identified as the information is not public. It is also looking to raise funds in a pre-IPO placement, one of the people said.

Considerations are at an early stage and Insta360 may decide against pursuing an IPO in Hong Kong, the people said. The company previously filed for a listing in the mainland, but that hasn’t materialized. Insta360 didn’t respond to requests for comment.

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Insta360’s backers also include Suning Holdings Group Co and Qiming Venture Partners. Insta360 raised $30 million in 2019 from investors including Everest Venture Capital, MG Holdings and Huajin Capital Co.