Dropbox Said to File Confidentially for US IPO

  • Dropbox Said to File Confidentially for US IPO

Dropbox Said to File Confidentially for US IPO

The company valued by private investors at $10 billion has tapped Goldman Sachs and JPMorgan Chase to lead the listing process, a source with knowledge of the company has confirmed to Forbes.

Much like how Spotify quietly filed for a public IPO, it looks like Dropbox is following the same route.

The joke surrounding Dropbox for years was that the company was set to go public in the fourth quarter of that year - every year. According to a new report from Bloomberg, Dropbox has finally chose to to file for its own public stock offering in the US.

It's without a doubt one of the most highly anticipated tech IPOs of 2018.

Dropbox and JPMorgan declined to comment on the report.

Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion (roughly Rs. 6,350 crores), Chief Executive Officer Drew Houston said in an interview previous year. Dropbox for Business, the premium product aimed at business users and considered its most important business going forward, has 200,000 customers the company says on its website. At the time, the company said it was the fastest software-as-a-service company to reach that milestone. Other high-profile companies that could follow Dropbox in upcoming months include Airbnb, WeWork and Uber, as well as companies without quite the same buzz but with the financials to go public, such as Qualtrics.

The company's last reported valuation of $10 billion came during a venture capital funding round in 2014. According to CEO Dennis Woodside, the company has spent hundreds of millions of dollars to build data centres, allowing it to cut costs while improving file transfer speeds.

Goldman Sachs had been helping the company prepare IPO documents.