First Data is looking to sell shares of its stock to address its "indebtedness," the company announced Monday.

The payments processor, purchased by the private equity firm Kohlberg Kravis Roberts in 2007, has filed a registration with the Securities and Exchange Commission related to an initial public offering, though the number of shares to be offered, the price range and the stock exchange listing have not been determined. It's also possible the company may not have an IPO.

First Data in 2014 closed a $3.5 billion private placement, which the company used to accelerate debt repayment and free up funds to invest in new technology as it recovered from an earnings slump.

Part of the strategy included hiring former JPMorgan Chase executives Frank Bisignano and Guy Chiarello. First Data also partnered with Capgemini to accelerate upgrades to its processing systems.

Most recently, First Data has aggressively built out its its Clover mobile point of sale system, adding features such as marketing and loyalty program capabilities, to counter the moves of companies like Square.

Among other payment companies, PayPal had a strong market debut on July 20, following its spinoff from longtime owner eBay Inc. Square has reportedly delayed plans for an IPO last year, though it has attracted investment.