Saturday, 17 November, 2018

Dropbox confidentially files for IPO

Dropbox is said to have filed confidentially for an IPO. Bloomberg’s Alex Barinka reports Dropbox is said to have filed confidentially for an IPO. Bloomberg’s Alex Barinka reports
Doris Mccormick | 12 January, 2018, 06:28

Cloud storage giant Dropbox has filed for an IPO according to sources close to the company.

The company, valued at $10 billion, is expected to make the public offering led by Goldman Sachs Group Inc. and JPMorgan Chase & Co.in the first half of this year, Bloomberg reported. Box has struggled to achieve profitability since its 2015 IPO, but Dropbox is said to be profitable already and on a rate to do $1 billion in revenue, according to Bloomberg.

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Dropbox could not be immediately reached for comment. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go. Perhaps even more notably, the provider claims to be profitable excluding interest, taxes, depreciation, and amortization, which is something of a rarity among the tech firms that have filed to go public in recent quarters. 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. Some critics called it too high compared to what the value would be on public markets. Goldman Sachs advised the company on earlier funding rounds and extended the company credit, while JPMorgan led a $600 million credit line to Dropbox previous year, the people said. Dropbox plans to hire more banks as advisers, they said. It launched in 2008 and is privately valued at $10 billion, based on previous venture capital fundraising.

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. 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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