Dropbox has filed IPO paperwork with the SEC confidentially, according to a Bloomberg report.
As of August, Dropbox now has 500 million users, with 200,000 businesses in storing and sharing documents online through its cloud service.
Good for Dropbox is that it is entering the public markets with annual sales of over $1 billion, according to CEO Drew Houston (this, he mentioned in an interview last year). There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter. 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.
The company's last valuation was in 2014, which it underwent its last private funding round. The company is on track to join Spotify, the online streaming giant, on the public markets, with Uber, Lyft and Airbnb expected to follow suit in the next few years. The company will have to show potential investors how it's differentiating its core file-sharing products and newer collaboration tools from the likes of Google, Microsoft and Box.
Now Dropbox, the online file storage company that is part of Silicon Valley's closely watched pack of "unicorns", plans to try its luck. It's spent hundreds of millions of dollars to build data centres and mostly wean itself off of Amazon.com's servers, a rare feat for a software business with hundreds of millions of users.
The two lead banks have a history of working with Dropbox.
Taking on the risk of lending to a private company can typically help a firm's chances in underwriting an eventual IPO.
Venture capitalist Venky Ganesan said that an IPO by the file storage and sharing company would be seen as a forerunner for start-ups, provided that they are able to realize the need to grow out of what he described as the Peter Pan state of mind.
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