Encrypted online storage provider Mega, which launched last year as a predecessor to Kim Dotcom’s widely controversial file-sharing service Megaupload, announced Tuesday plans to list on the New Zealand stock market.
According to the New York Times, documents filed with the NZX stock exchange value Mega at around $180 million.
Mega offers encrypted file storage, and browser-based, encrypted communications, similar to Dropbox and Skype, respectively.
The service has become popular in light of the heightened concerns around online privacy. When it exited beta in November 2013, less than a year after its launch, Mega had amassed 5 million users.
Mega CEO Stephen Hall told the NYT that he hoped trading would begin in early June, and would achieve the listing through reverse takeover. The listed company TRS Investments will buy Mega and become 99 percent owned by Mega shareholders, according to the report. TRS shares were up 900 percent Tuesday after the announcement, up to 1 New Zealand cent.
Mega founder Kim Dotcom stepped down from his role as director with the company in August. His wife, Mona Dotcom, owns 26.5 percent of Mega through a trust.
The news of Mega going public comes as Dotcom continues to face public legal battles. He lost a ruling in New Zealand’s Supreme Court last week where he sought full disclosure of the US evidence against him at the extradition hearing, which is scheduled for July. The court ruled a summary of the case would suffice.