The burgeoning Australian tech scene will soon have another representative on the U.S. stock market according to a newly published SEC filing that confirms Atlassian Pty Ltd.’s long-rumored plans for a public offering. The 13-year-old company hopes to raise as much as $250 million from public investors through the NASDAQ Global Market exchange to help fuel its fight against Slack Technologies Inc. in the enterprise collaboration world.

The competition has grown particularly fierce in recent months, with Atlassian most recently updating its rivaling HipChat service only last week to make third party applications like calendars accessible directly through the native interface. The integration is the latest fruit of an intensifying engineering effort that is draining more and more resources from the company’s bottom line, which the SEC filing shows reveals to have shrunk from $19 million to $6.8 million over the last two fiscal years despite revenue jumping nearly 30 percent to $319.5 million in the same period.

Yet while the trend curve may indicate otherwise, the company is being deliberately careful not to break its decade-long profitability streak. The management team and its financial advisors for the upcoming offering hope that the positive earnings sheet will help set Atlassian apart from the other enterprise technology companies that have moved to sell shares in recent quarters. The perhaps most notable example is Pure Storage Inc., which received a lukewarm reception from public investors last month after hitting the stock market its bottom line still in the red.

That lack of enthusiasm appears to be a part of a broader downturn that has also been felt in other segments, where some firms are going as far as delaying their offerings. The fact that no date was specified in its filing suggests Atlassian may be considering a similar move, although management has a lot less to worry about than the rest of the market. The rapid revenue growth that the company is experiencing is fueled by growth in demand not only for HipChat but also its flagship JIRA platform, which is comfortably positioned at the top of the issue tracking market.

The development teams behind both products, as well as its Confluence collaboration software, stand to receive a hefty boost from the offering. But the biggest beneficiaries will be Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar with their combined 74 percent equity share. The rest of is split among the executive team and private investors, who valued the company at over $3 billion after its most recent funding round last year.

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