Dropbox Privately Files for IPO

13 January, 2018, 01:21 | Author: Brenda Erickson
  • Drew Houston

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

In what may prove to have been anticipation of the IPO process, Dropbox announced in September 2017 that it was appointing Hewlett Packard Enterprise CEO Meg Whitman to its board of directors. Dropbox revealed in August that it had 500 million users, including 200,000 paying businesses customers, storing and sharing files online through its cloud service.

Annual sales at Dropbox exceed $1 billion, company Chief Executive Drew Houston said in an interview past year. Representatives for the company, along with the same of JPMorgan and Goldman declined to comment on this matter.

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Earlier this month the Swedish streaming music service Spotify also reported to be making a "confidential" or "secret" IPO. 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. But its $10 billion valuation raised the stakes, putting pressure on the company to wait until it believes it could achieve or come close to that market cap on the stock market.

Silicon Valley has birthed many highly valued and hugely hyped startups in recent years, including Uber, Airbnb and Pinterest. 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.

One of Dropbox's biggest selling points is likely to be the money it has spent developing its own data centres and cloud storage. Goldman Sachs advised the company on earlier funding rounds and extended the company credit, while JPMorgan led a $600 million (roughly Rs. 3,800 crores) credit line to Dropbox a year ago, the people said. JPMorgan led a credit line extended to Dropbox, along with Goldman Sachs, Bank of America, Deutsche Bank, Macquarie Group and Royal Bank of Canada, people familiar with the matter said last March. Naturally, the investment community will want to see how the company's share price will fare in the post-IPO period.

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