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News Worms


Dropbox files confidentially for IPO

Dropbox files confidentially for IPO

According to a new report, the Dropbox IPO filing has been made confidentially with the relevant authorities.

Online file-sharing firm Dropbox has filed confidentially for an initial public offering in the United States, according to unnamed sources cited by Bloomberg and later confirmed by Forbes.

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. That timeline is disputed by Forbes' source, who declined to provide an alternative target date. Those benchmarks are the product of more than two years of focusing the company, expanding its product suite for businesses and reining in expenses, Houston said at the time. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go.

Dropbox CEO Drew Houston photographed at the Dropbox offices in San Francisco. Last September it announced that it was appointing Hewlett Packard Enterprise CEO Meg Whitman to its board of directors, followed by former Nike CFO Don Blair in December.

In June, in hopes of spurring more IPOs, the Securities and Exchange Commission broadened the rules to allow all companies to confidentially submit their IPO registration documents. For comparison, Salesforce reported 32% annual growth for its fiscal 2015 on revenue of $5.37 billion. The company provides cloud storage, file synchronization, personal cloud, and client software. Box has since rebounded to a market cap of about $3 billion. A successful IPO would mean a windfall for early venture capital investors Sequoia Capital and Index Ventures as well as a slew of firms with smaller stakes in the longtime Silicon Valley favorite.

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