Dropbox files confidential IPO - report

News Broadband Global 12 JAN 2018
Dropbox files confidential IPO - report

Online file-sharing firm Dropbox has filed confidentially for an initial public offering in the US, according to unnamed sources cited by Bloomberg and later confirmed by Forbes. The company is valued by private investors at USD 10 billion, with Goldman Sachs and JPMorgan Chase set to lead the listing process. One source added that the company is looking to list in the first half of this year.

The move comes after the US Securities and Exchange Commission began allowing all companies to file early IPO documents confidentially in July 2017. Dropbox revealed in August that it had 500 million users, including 200,000 paying businesses customers, storing and sharing files online through its cloud service. 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.

San Francisco-based Dropbox was founded in 2007 by Massachusetts Institute of Technology graduates Drew Houston and Arash Ferdowsi. Last September it announced that it was appointing Hewlett Packard Enterprise CEO Meg Whitman to its board of directors, followed by former Nike CFO Don Blair in December.

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