Dropbox files for IPO with potential $10bn valuation

Drew Houston

The file-sharing company Dropbox has confidentially filed for an initial public offering, according to.

Bloomberg reports Goldman Sachs and JPMorgan will lead the potential listing, which looks to be one of the most significant in the technology space.

According to that report, Dropbox reportedly aims to list within the first half of 2018.

Dropbox is additionally conversing with other banks for filling additional roles on its IPO. The publication said that the IPO plan has been confirmed by people who are familiar with the details but declined to reveal the sources' identities because the filing has not officially been made public at the moment.

With 500m users including 200,000 businesses, according to figures from last August, the company is a big player in the cloud storage market, but will have to prove to potential investors how its offering is different to those of Google, Microsoft and other rivals. 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.

Stock On the Run: Brandywine Realty Trust (BDN)
Jefferies has "Hold" rating and $14000 target. (NYSE:EDR) on Tuesday, September 15 with "Market Outperform" rating. Twin Tree Limited Partnership reported 43,161 shares. 471,050 were reported by Asset Management One Communication.

Dropbox joins a growing list of large tech companies preparing to go public in the USA early this year. Last year, several much buzzed-about tech companies, including Snapchat's parent company and Blue Apron, the meal kit delivery service, went public - and then promptly disappointed investors, raising questions about the durability of these businesses.

Having achieved a $10 billion valuation in 2014, hopes for the data-sharing business to go public rose further, pressuring the company to wait until it believes it could reach or close in on the market cap of the stock market.

Unlike other recent tech IPOs such as Snap, where companies have listed on the stock market despite losing money, Dropbox boasts annual revenues of around $1bn (£734m), and has reportedly been profitable, excluding interest, taxes, depreciation and amortisation. That's made it easier for Dropbox to cut costs while speeding file transfers, Chief Operating Officer Dennis Woodside said in an interview previous year.

Taking on the risk of lending to a private company can typically help a firm's chances in underwriting an eventual IPO. Naturally, the investment community will want to see how the company's share price will fare in the post-IPO period.

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