Stadler Rail AG and Medacta International are among Swiss companies weighing initial public offerings for next year, according to people familiar with the matter.

Stadler, which reported revenue of 2.4 billion Swiss francs ($2.5 billion) in financial year 2017, is meeting advisers about a potential share sale, the people said, asking not to be identified as the details aren’t public. Medacta is working with investment bank Rothschild as it considers strategic options, they said.

A spokeswoman for Stadler Rail said that an IPO is one option the company is considering. A final decision hasn’t been made, she said. Representatives for Medacta for Rothschild declined to comment.

Swiss companies have raised $1.8 billion from IPOs this year, compared with $4.5 billion in 2017, according to data compiled by Bloomberg.

Medacta, which makes and distributes orthopedic and neurosurgical medical devices, operates in more than 30 countries, according to its website. The company could appoint more banks to manage an IPO in the coming months, the people said.