ibusinesslines.com December 18, 2018

Dropbox files confidentially for IPO

12 January 2018, 06:28 | Justin Tyler

Comment icon Dropbox chief executive Drew Houston Credit AP

Comment icon

Dropbox chief executive Drew Houston

The file-storage company Dropbox has filed papers indicating its attention public, according to business news site Bloomberg.

Dropbox has filed IPO paperwork with the SEC confidentially, according to a Bloomberg report.

It's without a doubt one of the most highly anticipated tech IPOs of 2018. How the stock fares post-listing will be an ongoing focus for both Wall Street and the tech community - Snap shares are down 15 percent from its IPO last March. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go. It's also been profitable, excluding interest, taxes, depreciation and amortization.

Dropbox could be one of the biggest USA enterprise technology companies to list domestically in recent years. Some critics called it too high compared to what the value would be on public markets. The service works by Dropbox creating a special folder on the a computer. Houston, the company's chief executive, said last January that Dropbox was on a pace to collect $1 billion in sales on an annualized basis and had positive free cash flow.

Reuters reported in June that the company, valued at nearly US$10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO.

Taking on the risk of lending to a private company can typically help a firm's chances in underwriting an eventual IPO.

San Francisco-based Dropbox had been expected to list shares in an offering this year, after news surfaced last year that it had retained investment bank Goldman Sachs.

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.

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