Published: Fri, January 12, 2018
Markets | By Noel Gibbs

Dropbox quietly files for IPO

Dropbox quietly files for IPO

How Dropbox fares on the public markets will provide a prominent beacon for tech "unicorns" valued at $1 billion or more who have watched Blue Apron and Snap struggle with their public debuts in recent months and remained on the sidelines. These investors are set for big pay-out should the public flotation of Dropbox go through. 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.

Bloomberg notes that Dropbox hopes it will get listed in the first half of this year. Dropbox was valued at a hefty $10 billion when it last raised money, in 2014.

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Dropbox and JPMorgan declined to comment on the report.

Dropbox filed confidentially with the Securities and Exchange Commission, which companies that are generating less than $1billion a year in revenue can do, affording it time to make its preparations away from the glare of potential investors. While it's uncertain whether the company will be able to initially sell shares above that valuation, the stock could trade higher once it's public, the people said. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go. 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. Dropbox is also looking to include additional banks. Goldman Sachs advised the company on earlier funding rounds and extended the company credit, while JPMorgan led a $600 million (roughly Rs. 3,800 crores) credit line to Dropbox past year, the people said. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter.

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Goldman Sachs had been helping the company prepare IPO documents.

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