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. Goldman Sachs and JPMorgan Chase & Co are said to be leading this potential listing.
SEC Chairman Jay Clayton said when the updated rules were released, he hoped it would encourage more companies to go public. Dropbox also raised US$1.2 million in Series A funding from Sequoia Capital in 2007, that "along with interest (on that amount) converted to equity as part of the Series A investment, which included a fresh slug of US$6 million", bringing the total amount to US$7.25 million, with the round closed in 2008 and documents filed in 2009.
Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion, Chief Executive Officer Drew Houston said in an interview previous year. Critics have said the law doesn't give investors time to properly assess a company's financial information before they must decide whether or not to buy.
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The company plans to list shares in the first half of 2018. Some critics called it too high compared to what the value would be on public markets. Chief Executive Officer Drew Houston (pictured) past year revealed that his company has reached the $1 billion annual run rate mark.
Taking on the risk of lending to a private company can typically help a firm's chances in underwriting an eventual IPO.
The company is expected to formally submit its IPO filing before the end of the second quarter, according to Bloomberg. JPMorgan led a credit line extended to Dropbox, along with Goldman Sachs, Bank of America Corp., Deutsche Bank AG, Macquarie Group Ltd. and Royal Bank of Canada, people familiar with the matter said last March.