The world’s largest file-sharing company Dropbox, Inc has filed quietly for an initial public offering in the first semester of the year, Bloomberg reports.
The California-based cloud storage has appointed J.P Morgan and Goldman Sachs to conduct the US offering. Both securities companies have declined to comment on the secretly-held initial public offering (IPO). Moreover, Dropbox is discussing with other firms for a further role in the upcoming listing process. Dropbox has not provided any comments regarding this matter.
The appointment of J.P Morgan and Goldman Sachs as the file-sharing firm’s IPO representative is understandable as both leading banks have a history of working with Dropbox. JP Morgan helped Dropbox to obtain $600 million credit line while Goldman Sachs extended the San Francisco-based firm credit facility.
The company’s IPO plan news shocks many as the late Apple , Inc CEO Steve Jobs once said that Dropbox was not a product, but a feature. Now with its annualized sales of more than $1 billion (as announced by its CEO Drew Houston), the data storage firm is considered one of the most promising IPO properties on Wall Street.
Dropbox was valued at $10 billion in a fundraising round in 2014. As of August 2017, the company had served 500 million users, including 200,000 business owners.
Dropbox offers a service that allows users to save documents in an accessible place without having to set up their server farms. The firm will boast how it provides different file-sharing services than the likes of Microsoft Corp, and Alphabet . Besides Dropbox, other leading tech firms are planning to go public earlier this year. Apollo Group Global Management LLC's security company ADT Inc is expecting to reap as much as $2.1 billion in a public offering on January 18, 2018.
Spotify, the world’s largest music streaming company, is preparing for a direct offering this quarter, a source familiar with this matter stated.
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