Topgolf International Inc. is exploring an initial public offering (IPO), according to a Tuesday report from Reuters.

The company is “in talks with investment banks about hiring underwriters for an IPO,” the publication reported that, citing people familiar with the matter. “The IPO would come as Topgolf seeks capital to open new venues in the United States, Britain, Mexico, Dubai, and Canada. It operates 52 U.S. golfing centers, three in Britain and one in Australia.”

Among Topgolf’s investors is Callaway Golf Co., along with investment firm WestRiver Group, Carolina Hurricanes majority owner Thomas Dundon and buyout firm Providence Equity Partners.

KeyBanc Capital Markets values the company at $3.5 billion, though some bullish estimates have Topgolf valued at $4 billion to $5 billion.