SINGAPORE - Trans-cab Services Pte Ltd, the country's second-biggest taxi operator, is preparing an initial public offering that could raise at least $100 million, reported Bloomberg earlier on Monday.

Bloomberg's report quoted sources with knowledge of the matter and that the company plans to sell shares by the end of the year.

It reported that proceeds from the offering, consisting mostly of new shares, will be partly used to boost Trans-cab's fleet and construct a new head office.

The Land Transport Authority's data shows that Trans-cab had 4,650 taxis at the end of August, trailing only ComfortDelGro Corp.'s 12,557 vehicles in Singapore.