Aramark Holdings Co. expects to raise up to one billion dollars with its planned initial public offering of stock, reports the Financial Times. The company will price an estimated 36.3 million shares—28 million newly issued and 8.3 million from current holders—at between $20 and $23 a share, according to an analysis of SEC filings by the Wall Street Journal.

Aramark had announced plans back in September for an IPO of up to $100 million and will use the proceeds to pay down debt that currently stands at $5.7 billion net. For the 2013 fiscal year ended Sept. 27, the company realized $13.9 billion in revenue, a three percent increase over the $13.5 billion generated in the prior year. However, net income declined from $104 million to $69 million over the same period.