Application network platform provider MuleSoft Inc. is set to go public soon at a nearly $2 billion valuation in the latest test of investors’ appetite for big tech company initial public offerings.

Founded in 2006, MuleSoft offers a software-as-a-service platform that provides a way to connect applications and data in traditional on-premises data centers with the new breed of workloads running in the cloud.

The San Francisco-based company is looking to raise $169 million through the offer of 13 million shares priced between $12 and $14, according to reports. A price of $13 a share would give the company a market value of $1.8 billion. According to the IPO filing, MuleSoft lost $50 million on $188 million in revenue in 2016. Those losses were lower, however, than the $65 million it lost in 2015, with revenue growing 70 percent year-on-year as well.

The company noted in its filing that it has more than 1,000 customers located in 60-plus countries across every major industry. They include 30 customers with over $1 million in annual contract value of subscription and support contracts. The company was nonetheless conservative about its prospects, noting that it has a history of losses and that as its costs rise, it may not be able to generate sufficient revenue to achieve and sustain profitability.

MuleSoft will come to market following the Snap Inc. IPO on March 1. Since Snap immediately saw nearly a 50 percent jump in its offering price, the offering was praised as a success, despite the company’s share price since falling below its first-day close.

Renaissance Capital Chairman Kathleen Smith told CNBC that unlike Snap, MuleSoft will properly test whether tech valuations can survive public scrutiny, particularly given that MuleSoft was valued at $1.5 billion as of its last round in 2015. “Investors are going to take a good look at this, and we’ll see if that continues the strong trend,” she noted.

MuleSoft had raised $259 million over seven rounds from a wide range of venture and corporate investors: Adage Capital Management, Bay Partners, Brookside Capital, Cisco, Hummer Winblad Venture Partners, Lightspeed Venture Partners, Meritech Capital Partners, Morgenthaler Ventures, New Enterprise Associates, Salesforce Ventures Series, Sands Capital Ventures, Sapphire Ventures and ServiceNow.

The company is expected to start selling shares to the public March 13 on the New York Stock Exchange under the symbol MULE.

Image: MuleSoft