SAN DIEGO — Internet music distribber MP3.com said Friday it plans to go public with an initial stock offering that would raise about $115 million.

Not owned by MP3.com, MP3 technology may revolutionize the music business, as it enables people to download music from the Internet, usually at a cost well below typical retail prices.

MP3.com has emerged as an early leader among online sellers of music. Its Web site contains more than 56,000 songs from over 11,000 artists — one of the largest collections on the Internet, the San Diego-based company said.

The technology has won strong support from consumers for its ease of use and availability, but has alarmed record companies, who are wary of how easy the Internet has made piracy.

Some analysts predict that, within a few years, virtually all music will be sold via the Internet.

MP3.com faces competition from others delivering music digitally, including AT&T’s a2b music and Liquid Audio.

The IPO will be made through Credit Suisse First Boston, Hambrecht & Quist, BancBoston Robertson Stephens and Charles Schwab & Co.