IT infrastructure services provider Presidio Inc. is looking to raise up to $400 million in an initial public offering that could potentially raise the company’s value to $3 billion.

In its filing with the U.S. Securities & Exchange Commission, Presidio didn’t indicate a share price, but said it’s looking to raise $100 million. However, the investment firm Renaissance Capital estimates that figure is just a placeholder, and that the company is likely to raise as much as $400 million. That would see the company’s valuation, currently around $2 billion, jump to as much as $3 billion, says the Wall Street Journal.

Presidio is a specialist in cloud computing, digital infrastructure and security solutions. It claims some 7,000 customers spread across mid-market, big business, and government sectors. The company offers a number of computer networking, collaboration and cybersecurity products, as well as data analytics and mobile services. In addition, Presidio also offers services that couple its own data center facilities with public cloud infrastructure.

Presidio admitted in its filing that “substantial competition” could reduce its market share and “significantly harm” its financials, though that’s common risk-factor language. It lists its main rivals as Accenture PLC, Dimension Data and Computer Science Corp., but it also competes with big technology firms such as Dell Technologies Inc. and Hewlett-Packard Enterprise Co.

In addition, the company warned in its filing that public cloud service providers such as Amazon Web Services, Microsoft Azure and Google Cloud are all a threat to its business as more IT workloads are offloaded to the cloud. “Cloud offerings may influence our customers to move workloads to cloud providers, which may reduce the procurement of products and solutions from us,” Presidio said in its filing.

To mitigate these threats, Presidio is sharpening its focus on what it calls “the attractive middle market.”

“The middle market is one of the fastest-growing segments of the overall North American IT market in part because its companies often employ smaller internal IT teams that do not have the broad expertise required to keep pace with increasingly complex IT environments and constant technology changes,” the filing reads.

Despite the competition it faces, business is going well for Presidio at present. In its most recent fiscal year, ended June 30, the company reported revenues of $2.7 billion, up 14 percent year-over-year, and net losses of $3.4 million, down from a $29.4 million net loss the previous year.

Presidio’s debut on the stock market comes in what observers say has been one of the quietest periods for IPOs in years. To date there have been just 97 IPOs this year, which is 42 percent less than in 2016, Investor.com reports.