Armored AutoGroup Inc is exploring an initial public offering that could value the maker of car care products at more than $1.5 billion, including debt, according to people familiar with the matter.

Armored AutoGroup's owner, private equity firm Avista Capital Partners, is in talks with investment banks, including JPMorgan Chase & Co (JPM.N), about the potential offering, the people said this week.

Avista may also consider other options for Armored AutoGroup, including an outright sale to another company or private equity firm, or changes to the company's capital structure, one of the people added.

The sources asked not to be identified because the talks are confidential. Avista and Armored AutoGroup declined to comment. A spokeswoman for JPMorgan had no immediate comment.

Based in Danbury, Connecticut, Armored AutoGroup produces protectants, wipes, tire and wheel care products, glass cleaners, leather care products, oil and fuel additives and other car interior and exterior maintenance products. Its brands include Armor All and STP.

Clorox Co (CLX.N) sold the business to Avista in 2010 for $780 million so the company can focus on its more lucrative businesses, such as hospital disinfectants and beauty products.

Earlier this year, Armored AutoGroup acquired IDQ Acquisition Corp, a manufacturer of do-it-yourself air conditioner recharge products.

As a result, Armored AutoGroup reported pro forma adjusted earnings before interest, tax, depreciation and amortization of $140 million for the 12 months to March 31, according to a company filing with the U.S. Securities and Exchange Commission.