Dropbox files confidentially for IPO

Dropbox files confidentially for IPO

The file-sharing company Dropbox has confidentially filed for an initial public offering, according to Bloomberg.

According to Bloomberg, Goldman Sachs and JPMorgan are leading the listing. It launched in 2008 and is privately valued at $10 billion, based on previous venture capital fundraising. The company is on track to join Spotify, the online streaming giant, on the public markets, with Uber, Lyft and Airbnb expected to follow suit in the next few years.

Dropbox and JPMorgan declined to comment on the report.

Several big USA technology companies such as Uber Technologies Inc and Airbnb Inc have resisted going public in recent months, concerned that stock market investors, who focus more on profitability than do private investors, would assign lower valuations to them. Right now, it's reported that Dropbox is bringing in $1 billion per year in revenue, making it likely that its IPO could prove to be even more successful, as noted by Bloomberg.

FSMNews

In June, in hopes of spurring more IPOs, the Securities and Exchange Commission broadened the rules to allow all companies to confidentially submit their IPO registration documents. But bankers and analysts said numerous biggest potential market debutantes would likely sit on the sidelines for another year, having already raised enormous sums in the private markets.

The company is aiming to begin trading on a stock market in the spring, one of these people added, cautioning that the timing of an IPO is fluid and may change. However, this net worth has been criticized by some investors as being overvalued.

Dropbox is also interesting because of its decision to move off public cloud services two years ago and onto its own data center infrastructure, one of the first startups built on Amazon Web Services to do so. The company provides cloud storage, file synchronization, personal cloud, and client software.


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