Published: Fri, January 12, 2018
Science | By Dan Gutierrez

JPMorgan, Goldman to lead Dropbox in US IPO

JPMorgan, Goldman to lead Dropbox in US IPO

Dropbox, the cloud computing storage company valued at $10 billion, has confidentially filed the paperwork for an IPO, according to a Bloomberg report on Thursday citing anonymous sources. It launched in 2008 and is privately valued at $10 billion, based on previous venture capital fundraising.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. will lead the potential listing, according to the people, who asked not to be identified because the filing wasn't public. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter. The company did not respond to request for comment. A successful offering could open up the sluice gate for a flood of other companies waiting to go public.

Earlier this month the Swedish streaming music service Spotify also reported to be making a "confidential" or "secret" IPO. Right now, it's reported that Dropbox is bringing in $1 billion per year in revenue, making it likely that its IPO could prove to be even more successful, as noted by Bloomberg.

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That meant they could submit a draft version of their filings to the Securities and Exchange Commission and didn't have to release the formal version until 15 days before they went on their roadshows. 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. 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.

Dropbox is in talks with other banks to fill additional roles on the IPO and is aiming to be listed in the first half of 2018, the report said.

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