Dropbox Files for IPO with the SEC

California-based Dropbox, a filing sharing service, has filed for an IPO on Friday with the U.S. Securities and Exchange Commission.

The intial public offering is up to $500 million and the company, which has 11 million paying users across 180 countries, plans to be listed on the NASDAQ under the ticker symbol DBX.

Underwriters for the IPO include Deutsche Bank Securities and JPMorgan.

According to analyst Daniel Ives at GBH Insights, “With over a $1 billion in revenues it speaks to Dropbox’s success over the past few years and is an impressive number in a fertile space. Dropbox’s business model has scaled successfully.”

Last year the company said in a regulatory filing that it made $1.11 billion in revenue. This is compared to $844.8 million a year ago. It’s net loss was $111.7 million compared to a loss of $210.2 million in 2016.

Box Chief Executive Aaron Levie was optimistic about the company and told Reuters, “If Dropbox continues to focus on their user experience, they’ll be able to compete successfully for consumers and professionals.”

Competition in the market includes Google and Microsoft.

Proceeds from the company’s IPO is planned to go towards expanding the upgrading of more users to subscriptions and expanding integration with third party software.