GFI Software SA has filed an application to list up to $100 million in shares on the New York Stock Exchange. The application was confirmed by GFI Software, after it was reported in the Wall Street Journal a few days ago.

Founded in Malta in 1992, GFI also has offices in London, the US, Hong Kong, Australia and Luxembourg, where it is headquartered. The software developer specialises in network security, content security and messaging needs, mostly targeting SMEs. The IPO seeks to raise capital to repay debt and fund general corporate purposes, including growth.

According to the application document filed with the Securities and Exchange Commission on November 2, the primary purposes of this offering are “to create a public market for our common shares, facilitate the possibility of our future access to the public equity markets and repay certain of our outstanding indebtedness”.

Part of the net proceeds will be used to repay the outstanding principal and accrued interest owed under nine convertible subordinated promissory notes, GFI Software said.

The remainder will be used as working capital and for the development of new products, expanding the sales force in international markets, and hiring more people to facilitate speed to market. Some funds may also be used to acquire or invest in other businesses, technologies or products.

GFI Software explained its objective was to extend its position as a leading provider of software solutions to SMEs by expanding its customer base and maitaining its current growth momentum through its global distribution model.

It also intended to grow its distribution channels, accelerate its revenue growth in targeted geographies, develop and extend new software and software as a service, and leverage its cloud-based platform.

In 2011, GFI posted a loss of $41.9 million compared with a loss of $26 million the previous year. Revenue stood at $120 million, compared with $81.7 million in 2010.