Dropbox is said to have filed confidentially for an IPO. Bloomberg’s Alex Barinka reports
12 January, 2018, 03:23
Bloomberg reports that the Dropbox file-sharing private company is currently valued at $10 billion and it has now filed confidentially for an initial public offering in the United States.
Dropbox is reportedly aiming to list in the first half of this year. Dropbox is also looking to include additional banks.
Dropbox is used by hundreds of millions of people worldwide to store and share files. Normally, when a company of this size and magnitude has been around for this long, rumors start swirling about the possibility of it going public.
Reuters reported in June that the company, valued at nearly US$10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO. Last year, several much buzzed-about tech companies, including Snapchat's parent company and Blue Apron, the meal kit delivery service, went public - and then promptly disappointed investors, raising questions about the durability of these businesses.
Dropbox filed confidentially with the Securities and Exchange Commission, which companies that are generating less than $1 billion a year in revenue can do, affording it time to make its preparations away from the glare of potential investors. Chief Executive Officer Drew Houston (pictured) previous year revealed that his company has reached the $1 billion annual run rate mark.
Dropbox is likely to tout its biggest investment in recent years: its own cloud. The company declined to comment on the news, as did Goldman Sachs and JPMorgan.
Goldman Sachs had been helping the company prepare IPO documents.
"By expanding a popular JOBS Act benefit to all companies, we hope that the next American success story will look to our public markets when they need access to affordable capital", Clayton said in a statement.
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