Tech

Dropbox files for Confidential IPO

Dropbox files for Confidential IPO

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.

Dropbox is the newest name in the growing list of big tech companies that are looking to go public in the American at such an early stage of 2018.

Its last known valuation of $10 billion was during a 2014 funding round.

Dropbox Inc., a file-sharing private company, has filed a confidentially initial public offering, according to sources familiar with the matter, according to Bloomberg.

Dropbox is reportedly aiming to list in the first half of this year. Most tech companies have been taking advantage of this provision, then reveal their filings about 15 days before the IPO roadshow.

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. So keep track of IBD's IPO Leaders column.

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According to Bloomberg, Dropbox spent hundreds of millions of dollars in recent years on its cloud infrastructure to become less dependent on Amazon's servers, which is hard for a software company with hundreds of millions of users to pull off.

Dropbox could not be immediately reached for comment.

Dropbox draws in more than $1 billion in sales, CEO Drew Houston said in an interview past year. It's also cash flow positive. In April 2017, the company said it was profitable on an EBITDA basis, which would include its stock-based compensation. In the interview, Houston said that this is possible due to the company's focus on business expansion and expense restraining.

Dropbox presently has a valuation of $10 billion, and it will be interesting to see how the stock will do after the listing.

If the company were to IPO at that valuation with $1 billion revenue, it would fetch a 10x revenue multiple. One reason why Dropbox has been hesitant is due to the experience of ts main competitor Box, which kicked off an initial public offering in 2015.

Dropbox has been steadily building out its senior management team as it moves towards its market debut, bringing on experienced hands like former Google executive Dennis Woodside as COO and former Twitter product boss Todd Jackson, as its head of product.


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