Deezer, the French music streaming service, said on Tuesday that it had filed for an initial public offering in a bid to raise funds to take on global rivals like Spotify and Apple.

The announcement came as competition intensified in recent months in the music-streaming industry with Apple starting its own on-demand service and new offerings, including Tidal, a rival service from Jay Z, sprouting up across the globe.

Deezer, which plans to list its shares in Paris, did not disclose how much capital it would seek through its stock offering. Industry talk, though, indicates the company has been looking for new investment that would value it at around 1 billion euros, or $1.1 billion.

Hans-Holger Albrecht, Deezer’s chief executive, said that raising money from the public markets would help the company compete on a global stage and allow more people to invest in the fast-growing world of music streaming.