Netsuite, the business management software-as-a-service (SaaS) vendor, is one step nearer to going public.

It is filing S1 papers with the US Securities and Exchange Commission (SEC) this afternoon, based on revenues of about $70m.

Initial reports claim the company is expecting to raise $75m in an initial public offering (IPO) of common stock, as opposed to about $100m (£49.8m), as reported earlier this year, in exchange for 10% of the company.

It has already raised over $100m to date.

The San Mateo-based SaaS player, 60% owned by Larry Ellison, chose Credit Suisse and WR Hambrecht to underwrite the IPO.

The filing did not reveal how many shares the on-demand vendor planned to sell or the expected price.