Dropbox confidentially files for IPO


Dropbox, the file-sharing private company valued at $10 billion (roughly Rs. 63,500 crores), has filed confidentially for a U.S. initial public offering, people familiar with the matter said. The music streaming provider is pursuing an unusual direct listing that will not have any underwriters backing it, an arrangement that could create additional risks. The law allowed private companies with revenue of less than $1 billion to confidentially file IPO registration statements. He says the company has been more profitable, which helps the company expand its services.

According to Gartner, Dropbox still faces competition but it still among the among the leaders in storage services side by side to Microsoft and Box Inc.

Venky Ganesan, a venture capitalist at Menlo Ventures, said a Dropbox IPO would be seen as a harbinger for startups. They also can reverse quickly.

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Dropbox will reportedly list during the first half of 2018. While it's uncertain whether the company will be able to initially sell shares above that valuation, the stock could trade higher once it's public, the people said.

The two lead banks have a history of working with Dropbox. Snap shares were down 3.5%, near 14, during afternoon trading on the stock market today.

At the moment, Dropbox, as well as JPMorgan Chase & Co and Goldman Sachs declined to comment on the issue. It claimed some 500 million users in the spring of 2016, the company's last publicly disclosed figure.

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Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion (roughly Rs. 6,350 crores), Chief Executive Officer Drew Houston said in an interview a year ago.

"What Drew and the team have accomplished is something that we are proud of in the tech community and should be proud of as a country", said Ben Horowitz, a venture capitalist at Andreessen Horowitz, which has not invested in Dropbox. However, this net worth has been criticized by some investors as being overvalued.

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

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In July 2017, Dropbox featured as No. 2 on the Forbes Cloud 100 list of top private cloud companies.

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