Dropbox confidentially files for IPO

Dropbox confidentially files for IPO

Dropbox has confidentially filed for IPO, after years of rumors about its public debut, according to Bloomberg.

SEC Chairman Jay Clayton said when the updated rules were released, he hoped it would encourage more companies to go public. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter. It's set to be one of the most watched tech IPOs of the year.

Dropbox has said that it has annual sales that exceed $1 billion. Dropbox was valued at a hefty $10 billion when it last raised money, in 2014.

Earlier this month the Swedish streaming music service Spotify also reported to be making a "confidential" or "secret" IPO.

Dropbox filed confidentially with the Securities and Exchange Commission, which companies that are generating less than $1 billion a year in revenue can do, affording it time to make its preparations away from the glare of potential investors.

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As of August, Dropbox had 500 million users, including 200,000 businesses, storing and sharing files online through its cloud service. But bankers and analysts said numerous biggest potential market debutantes would likely sit on the sidelines for another year, having already raised enormous sums in the private markets. It's spent hundreds of millions of dollars to build data centers and mostly wean itself off of Amazon.com Inc.'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.

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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