Survey-software seller Qualtrics International Inc, owned by business software group SAP, filed for a U.S. initial public offering of up to $100 million on Monday, with tech stocks largely outperforming the broader market this year.

Qualtrics, which SAP bought for $8 billion two years ago, will have two classes of common stock upon completion of the offering, with SAP America Inc set to own all 423.2 million Class B shares and remain the controlling shareholder, according to a regulatory filing bit.ly/3hovgWM.

The company also said it had applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “XM” and expects the IPO price to be between $20 and $24 apiece.

Total revenue of Qualtrics, which gathers real-time feedback from customers to help analyse how a firm’s products or services are performing, rose about 32% to $550 million in the nine months ended Sept. 30.

Net loss also narrowed to $258 million during the period from $860.4 million a year earlier, as existing customers bought upgrades and as Qualtrics acquired new customers.

Morgan Stanley and J.P. Morgan are the lead underwriters for the offering.