Dropbox to file confidentially for IPO

Dropbox is said to have filed confidentially for an IPO. Bloomberg’s Alex Barinka reports

Dropbox is said to have filed confidentially for an IPO. Bloomberg’s Alex Barinka reports

Dropbox, the Silicon Valley file-sharing giant last valued at $10bn (£7.4bn), has celebrated the passing of its 10th birthday by secretly filing documents ahead of an IPO.

The IPO is expected in the first half of 2018, Bloomberg reported, marking the first high-profile tech listing of the year, and coming on the heels of Snap's disappointing IPO in 2017. Dropbox has more than 500 million users in more than 200 countries.

Drop acquired has 24 companies in over ten years since it started.

Dropbox's filing has implications for other Silicon Valley unicorns, which are companies that were privately valued at more than $1 billion.

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

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The long awaited initial public offering (IPO) for Dropbox is finally here. Dropbox is a file hosting service operated by American company Dropbox, Inc.

The IPO will be led by Goldman Sachs Group and JPMorgan Chase, Bloomberg reported earlier, citing people familiar with the matter.

But the company hasn't raised a new round of financing since 2014 - the company acknowledges valuations then were quite "different" from today's - and it has been speculated as a top IPO candidate for almost every year since then. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter.

Founded over a decade ago by Drew Houston and Arash Ferdowsi when they were students at the Massachusetts Institute of Technology, Dropbox was one of the first companies to popularize file storage via the web.

The San Francisco-based business has been around since 2007 and there's been speculation for years that it was getting closer to going public.

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