Dropbox confidentially files for IPO

12 January, 2018, 06:28 | Author: Harriet Bell
  • The Drop Box logo is seen in this illustration

This will lead to an initial public offering (a type of public offering in which shares of a company are sold to institutional investors) at an unspecified time during 2018.

Dropbox isn't confirming the filing of the IPO paperwork, which doesn't require the company to go public by any certain date.

Data-sharing business Dropbox has filed confidentially for a USA initial public offering, a source close to the matter said on Thursday.

The joke surrounding Dropbox for years was that the company was set to go public in the fourth quarter of that year - every year.

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Unlike Snap, which has disappointed since its public offering, Dropbox CEO Drew Houston said the company has annualized sales of more than $1 billion.

Representatives for Dropbox, Goldman Sachs and JPMorgan declined to comment. The service works by Dropbox creating a special folder on the a computer. JPMorgan led a credit line extended to Dropbox, along with Goldman Sachs, Bank of America Corp., Deutsche Bank AG, Macquarie Group Ltd. and Royal Bank of Canada, people familiar with the matter said last March.

But the company hasn't raised a new round of financing since 2014 - the company acknowledges valuations then were quite "different" from today's - and it has been speculated as a top IPO candidate for almost every year since then. It claimed some 500 million users in the spring of 2016, the company's last publicly disclosed figure. The law allowed private companies with revenue of less than $1 billion to confidentially file IPO registration statements. Dropbox's fast growth was accompanied by free spending and efforts to diversify into other businesses, like a stand-alone photo app, that proved unsuccessful. However, this net worth has been criticized by some investors as being overvalued. Its closest point of comparison is Box, another Silicon Valley online data storage provider, but one that focuses more on big corporate clients like General Electric and Procter & Gamble.

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