SAP’s Qualtrics division finally moved on its long-simmering initial public offering plans that could value the customer experience management company at more than $14 billion.

In a Securities and Exchange Commission (SEC) filing, Qualtrics said it plans to sell an undetermined number of shares for between $20 and $24 per share. The company listed $100 million as a placeholder for the amount it expects to earn from the IPO, though reports suggested a $14.4 billion valuation based on 600 million shares being floated.

As part of the filing, Qualtrics said it earned $550 million in revenue through the first nine months of this year, though it lost $258 million over that same time frame. Both numbers were better than the $418 million in revenues and $860 million loss for the same time period in 2019.

SAP will maintain control over Qualtrics, including complete control over all Class B common stock offered. SAP had previously stated that Qualtrics co-founder and current executive chairman Ryan Smith would remain the largest individual shareholder. Smith recently acquired a majority stake in the National Basketball Association’s Utah Jazz for nearly $1.7 billion.

Venture capital firm Silver Lake Technology Management has already signed on to buy $550 million of Class A shares as part of the IPO process. Morgan Stanley and JPMorgan Chase are overseeing the IPO that is expected to take place early next year.

The timing will be just over two years after SAP swooped in and acquired Qualtrics for $8 billion on the eve of the vendor’s previously planned IPO. Smith at that time said the company decided to go the buyout route because of the integration possibilities with SAP.

“We didn’t have too. We had all the options in the world and were one of the hottest IPOs coming into the year,” Smith said. But he explained that the company lacked the operational data to make its experience data more functional for enterprise customers. “We knew we would have to figure out how to partner, but SAP was the only one to go across the four experiences.”

The IPO was put back on track earlier this year in a move described as capturing “its full market potential” and providing Qualtrics with an easier path to expanding business outside of its parent company.

SAP CEO Christian Klein said during the company’s second quarter 2020 earnings call that the IPO would provide Qualtrics “the greatest opportunity … to grow the experience management category, serve its customers, explore its own acquisition strategy, and continue building the best talent. SAP will remain Qualtrics’ largest and most important go-to-market and research and development partner while giving Qualtrics greater independence to broaden its base by partnering and building out the entire experience management ecosystem.”