(Bloomberg) -- The owners of software maker TeamViewer AG are seeking to raise as much as 2.31 billion euros ($2.54 billion) in Germany’s biggest technology initial public offering in almost two decades.

Private-equity firm Permira plans to sell as many as 84 million shares for 23.50 euros to 27.50 euros apiece via holding firm TigerLuxOne, the company said in a statement on Wednesday. TeamViewer stock is expected to start trading on the Frankfurt Stock Exchange on Sept. 25, according to the statement.

While Germany has several established tech companies, including software giant SAP SE, there have been few sizable newcomers since chipmaker Infineon Technologies AG listed in 2000. TeamViewer is a bright spot in Europe, which has been contending with its worst IPO market in years.

The price range would give the company a market value of between 4.7 billion euros and 5.5 billion euros, the statement said. Bloomberg News previously reported the valuation could be 4 billion euros to 5 billion euros.

The free float, a measure of company stock available to trade, will be 30% to 42%, depending on the size of the IPO, according to the statement. Permira was looking to sell 30% to 40% of the company, people familiar with the matter have said. TeamViewer Chief Executive Officer Oliver Steil cited “positive feedback we receive on TeamViewer’s unique business profile and growth prospects.”

Based in Goeppingen in southern Germany and founded in 2005, TeamViewer develops software for collaboration and remote desktop access. Permira bought the company for 870 million euros in 2014. It has since partnered with firms including Alibaba Group Holding Ltd. and Salesforce.com Inc. to bolster its cloud offerings.

Goldman Sachs Group Inc. and Morgan Stanley are arranging the IPO, with Bank of America Corp., Barclays Plc and RBC Capital Markets. Lilja & Co. is acting as an independent adviser to Permira and TeamViewer.

To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Alistair Barr, Jillian Ward

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