The company also had a positive free cash flow of $305 million in 2017.

Dropbox’s net losses also shrank from $210.2 million in 2016 to $111.7 million in 2017. Morgan, Deutsche Bank and Allen and Company are among the top underwriters for the IPO.

Proceeds from the IPO will be used to fund an expansion plan of upgrading more users to subscriptions and expanding integration with third-party software. The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with much larger technology firms such as Alphabet Inc’s Google, Microsoft Corp and Inc, as well as cloud-storage rival Box Inc. Dropbox also has a multi-million dollar relationship with Hewlett Packard Enterprise. Still, the loss-making company has about $1.7 billion in contractual obligations, like leases, outstanding. In its S-1 filing, Dropbox said it has 11 million paying users between individual accounts and people who are part of a paying team. Unlike many cloud companies that rely on enterprise sales teams, over 90 percent of Dropbox’s revenue comes from users purchasing their own subscription, the company said. Dropbox hasn’t managed to convert many of those to paying customers just yet.

Since its launch in 2007, Dropbox’s customer base has grown to more than 500 million registered users, with 100 million joining just in the last year. After 11 years as one of the buzziest startups in tech, file-sharing company Dropbox filed its S-1 on Friday, kicking off the road to an initial public offering.

Dropbox stock public