Hybris, a provider of ecommerce software for manufacturers and retailers, may also push its IPO to early 2013, one person says.

An IPO would represent a milestone for Huntsman Gay, which acquired Hybris in 2011 and then merged it with portfolio company iCongo. It’s not clear how much Huntsman Gay invested but the PE firm owns 60% of the combined companies.

“Every tool that makes a company more independent and makes the company grow long term, then it could be an option,” says Carsten Thoma, Hybris’s co-founder, president and COO, when asked about a possible offering. “An IPO could be a tool.”

Palo Alto, Calif.-based Huntsman typically invests $25 million to $100 million equity per deal. The PE firm focuses on several industries, including software, consumer, and business services. Huntsman Gay is currently investing from its debut fund, which raised $1.1 billion in 2009. About half of the pool is invested in technology firms like Hybris, Innovative Interfaces, and Sunquest Information Systems. Huntsman has completed 21 deals from the $1.1 billion pool. Earlier this week, peHUB reported that Robert Gay, a Huntsman co-founder, was leaving the PE firm to work full-time for the Church of Jesus Christ of Latter-day Saints.

Before it goes public, Hybris is considering selling a stake, sources say. Potential buyers could include a public investor that will add value or credibility, the person says. Last week, peHUB report that T. Rowe Price’s New Horizons involvement in a startup sends Wall Street the message that a company is most certainly coming public.

Hybris could also target late-stage investors like Silver Lake Partners, Francisco Partners, Insight Venture Partners, or Technology Crossover Ventures. Any investment in Hybris will likely happen within weeks, the source says.

News of a Hybris IPO comes as Demandware went public last month, raising $88 million. Demandware, which makes software that powers e-commerce sites, rose as much as 63% in its first day. Hybris produced about $56.5 million in revenue for 2011, according to SEC filings. It is expected to generate $73 million in 2012 revenue. Hybris produces roughly twice as much revenue as Demandware generated in 2011, sources say.