Dell Technologies Inc. confirmed on Wednesday it had met with some investment banks to explore an initial public offering if its plan to buy the tracking stock of VMware Inc. falls through.

Dell (DVMT.N), which owns 80 percent of VMware (VMW.N), said in July it would buy the tracking stock in a $21.7 billion cash-and-stock deal, to return to the public market.

Several hedge funds, including Elliott Management Corp and Canyon Capital Advisors LLC, as well as activist investor Carl Icahn, had resisted Dell’s effort to buy back the “tracking stock” from them.

Reuters reported last month citing sources that Dell is exploring a possible IPO.

The company's board may not proceed with an IPO even if the VMware deal does not go through, Dell said in a regulatory filing.