Data-sharing company, Dropbox, has filed confidentially for a U.S. initial public offering (IPO), a source close to the matter told Reuters on Thursday. Dropbox has more than 500 million users in more than 200 countries.
One of tech's youngest billionaires at 34-years-old, Dropbox CEO Drew Houston announced in January 2017 that the company had passed $1 billion in annual revenue run rate, meaning that its quarterly revenue at that time, if extrapolated across a one-year interval, would produce revenue of $1 billion.
Goldman Sachs and JPMorgan Chase will lead the potential listing, according to the people, who asked not to be identified because the filing wasn't public. 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. Most tech companies have been taking advantage of this provision, then reveal their filings about 15 days before the IPO roadshow.
Representatives for Dropbox, Goldman Sachs and JPMorgan declined to comment.
Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion (roughly Rs. 6,350 crores), Chief Executive Officer Drew Houston said in an interview a year ago. The company provides cloud storage, file synchronization, personal cloud, and client software. Other high-profile companies that could follow Dropbox in upcoming months include Airbnb, WeWork and Uber, as well as companies without quite the same buzz but with the financials to go public, such as Qualtrics.
The company, valued at nearly $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June.
Dropbox is likely to tout its biggest investment in recent years: its own cloud.