Dropbox Files For IPO

12 January, 2018, 06:25 | Author: Myrtle Cook
  • Reuters

Dropbox Inc., the file-sharing private company valued at $10 billion, has filed confidentially for a USA initial public offering, people familiar with the matter said.

The cloud-based file sharing company has been valued at $10 billion a few years ago and has been steadily workin towards becoming a pubic company.

Dropbox says that more than 500 million people use its online software service, which allows consumer and business users to save documents in the cloud and access them from any device. Goldman Sachs and JPMorgan Chase & Co are said to be leading this potential listing.

Dropbox is in talks with other banks to fill additional roles on the IPO and is aiming to be listed in the first half of 2018, the report said.

More news: Windows 10 fixes for Meltdown and Spectre are breaking some AMD computers

Snapchat now is public and continues to lose money, Snap Inc.'s IPO was still a pretty big deal. Dropbox was valued at a hefty $10 billion when it last raised money, in 2014. According to a new report, the Dropbox IPO filing has been made confidentially with the relevant authorities.

Drop acquired has 24 companies in over ten years since it started. The service works by Dropbox creating a special folder on the a computer.

The company is expected to formally submit its IPO filing before the end of the second quarter, according to Bloomberg.

Representatives for Dropbox, Goldman and JPMorgan declined to comment on the filing, which was reported earlier by Bloomberg News. 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. It reported having 57 million users as of the quarter that ended October 31, though it has lost money every year since going public three years ago.

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