File sharing startup Dropbox confidentially files for IPO

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According to a new report from Bloomberg, Dropbox has finally made a decision to to file for its own public stock offering in the US.

The company - worth US$10bn - will have Goldman Sachs Group and JPMorgan Chase leading the potential listing, according to Bloomberg.

Reuters reported in June that the company, valued at nearly US$10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO.

The joke surrounding Dropbox for years was that the company was set to go public in the fourth quarter of that year - every year.

This means that once Dropbox makes its filing public, its actual debut should be within weeks. 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.

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Overall, 2017 proved to be relatively robust for initial offerings, with 160 companies raising $35.6 billion in the United States, up significantly from 2016, according to Renaissance Capital, a research firm.

Dropbox is also interesting because of its decision to move off public cloud services two years ago and onto its own data center infrastructure, one of the first startups built on Amazon Web Services to do so. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter.

The service, which is based in San Francisco, has grown enormously.

Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion, Chief Executive Officer Drew Houston said in an interview a year ago. Mutual fund investors at times marked down the value of their stakes in the company. The company provides cloud storage, file synchronization, personal cloud, and client software. For many years now, many have wondered why Dropbox was constantly holding out on going public, but better late than never.

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