Dropbox confidentially files for IPO

Reuters

Reuters

Data-sharing business Dropbox Inc is seeking to hire underwriters for an initial public offering that could come later this year, which would make it the biggest US technology company to go public since Snap Inc, people familiar with the matter said on Friday.

Reports suggested Goldman Sachs and JPMorgan will lead the listing, although the company is said to be in talks with more banks.

The company, valued at nearly $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June. Bloomberg notes that Dropbox hopes it will get listed in the first half of this year.

Dropbox is used by hundreds of millions of people worldwide to store and share files.

Drop acquired has 24 companies in over ten years since it started.

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Overall, 2017 proved to be relatively robust for initial offerings, with 160 companies raising $35.6 billion in the United States, up significantly from 2016, according to Renaissance Capital, a research firm.

Dropbox is likely to tout its biggest investment in recent years: its own cloud.

The service, which is based in San Francisco, has grown enormously.

Dropbox has said that it has annual sales that exceed $1 billion. However, this net worth has been criticized by some investors as being overvalued. The IPO would be a key one this year because Dropbox has been a prime candidate to go public following another disappointing year for IPOs.

Since then, Houston and his management team have focused on containing costs while building out features like collaboration services and shared document creation. 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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