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Dropbox Has Confidentially Filed For an IPO
Venture Capital, Capital Markets
File-sharing company Dropbox Inc. has confidentially filed for an initial public offering with the Securities and Exchange Commission, Bloomberg reports.
The San Francisco-based company, which was founded in 2007, is valued at $10 billion, according to Bloomberg. JPMorgan Chase and Goldman Sachs will reportedly lead the expected listing.
Dropbox’s IPO would be closely watched by Wall Street – not only because it’s one of the biggest privately held tech companies in the world, but because it will follow Snap Inc.’s own IPO from last year, which has been on a downward spiral since its launch. However, Bloomberg notes that Dropbox would be entering its IPO in a far stronger position than Snap did when it went public.
Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion, Chief Executive Officer Drew Houston [pictured] said in an interview last year. It’s also been profitable, excluding interest, taxes, depreciation and amortization. Those benchmarks are the product of more than two years of focusing the company, expanding its product suite for businesses and reining in expenses, Houston said at the time.
Dropbox had 500 million users – including 200,000 businesses – as of August, according to Bloomberg.