Dropbox has secretly filed for a US IPO

Pablo Tucker
January 12, 2018

The file-sharing company Dropbox has confidentially filed for an initial public offering, according to Bloomberg. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go.

The sources said Goldman Sachs Group Inc. and JPMorgan Chase & Co. are acting as underwriters, which was reaffirmed by a tipster who spoke separately to CNBC.

Snapchat now is public and continues to lose money, Snap Inc.'s IPO was still a pretty big deal. The listing will test Dropbox's most recent valuation, $10 billion, which has been criticized by some investors as overvalued and outdated. We also send freebies and lots of other goodies exclusively to our email subscribers. Based in San Francisco, Dropbox is one of the highest-worth venture-backed companies that is still private.

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.

The two lead banks have a history of working with Dropbox. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter.

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.

But Dropbox's road has also been bumpy. 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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