Dropbox confidentially files for IPO
0Dropbox confidentially files for IPO.
After months of rumors that it was planning to do so, Dropbox has confidentiality filed paperwork for an initial public offering with the U.S. Securities and Exchange Commission, according to Bloomberg.
The San Francisco-based cloud storage company, which got its initial release ten years ago, was most recently valued at $10 billion during its last private funding round in 2014–an amount that venture capital research firm CB Insights believes is too high.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are reportedly leading the potential listing. Dropbox is talking to other banks this month to fill additional roles on the IPO, according to people familiar with the matter.
Dropbox says more than 500 million people use its service, which allows access to files saved to the cloud from any device. It adds that 200,000 customers use Dropbox for Business; a paid-for tier that offers more space and features. This latter service also covers enterprise users.
Dropbox,confidentially,files,for,IPO,Dropbox confidentially files for IPO