KKR & Co.-backed software company OneStream Inc. has publicly filed for an initial public offering (IPO), revealing increased revenue and reduced losses. The company reported a net loss of $29 million on revenue of $375 million last year, an improvement from a loss of over $65 million on $279 million in revenue in 2022, according to its filing with the US Securities and Exchange Commission.

OneStream's major investors include KKR and an entity controlled by Robert Powers, the company's chief technical officer and director. KKR is set to receive 5% or more of the net proceeds from the IPO. The company had previously filed confidentially for a listing and aimed for a valuation of up to $6 billion, as reported by Bloomberg News in May. The terms of the IPO will be disclosed once the company begins marketing the shares.

OneStream develops software used by chief financial officers and finance teams. Other investors include Tidemark, Partners Fund Capital, and Alkeon Capital Management. In 2021, the company raised capital at a $6 billion valuation from backers such as D1 Capital Partners and Tiger Global.

The IPO is being led by Morgan Stanley, JPMorgan Chase & Co., and KKR’s capital markets arm, with Bank of America Corp., Citigroup Inc., and Guggenheim Securities also participating. OneStream plans to list on the Nasdaq Global Select Market under the symbol OS.