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File sharing startup Dropbox confidentially files for IPO
12 January 2018, 12:27 | Jan Cross
Dropbox is said to have filed confidentially for an IPO. Bloomberg’s Alex Barinka reports
Perhaps even more notably, the provider claims to be profitable excluding interest, taxes, depreciation, and amortization, which is something of a rarity among the tech firms that have filed to go public in recent quarters. Dropbox has enlisted Goldman Sachs and JP Morgan Chase to lead the offering, and is looking to add additional banks. That's when companies planning to go public travel the country making presentations to potential investors just before their shares begin to be traded.
Cloud storage service Dropbox has been around for over a decade.
Bloomberg notes that Dropbox hopes it will get listed in the first half of this year. According to a new report, the Dropbox IPO filing has been made confidentially with the relevant authorities.
Representatives for Dropbox, Goldman Sachs and JPMorgan declined to comment.
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The company's last reported valuation of $10 billion came during a venture capital funding round in 2014. While it's uncertain whether the company will be able to initially sell shares above that valuation, the stock could trade higher once it's public, the people said. Dropbox had about 500 million users and 200,000 paying business customers on its books a year ago. According to CEO Dennis Woodside, the company has spent hundreds of millions of dollars to build data centres, allowing it to cut costs while improving file transfer speeds.
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