Silicon Valley File-Sharing Giant Dropbox Secretly Filed For US IPO

The Silicon Valley file-sharing giant, Dropbox, that is last valued at $10bn (£7.4bn) has rejoiced the passing of the company’s 10th birthday by filing documents secretly ahead of an IPO.

Some reports suggested that JPMorgan and Goldman Sachs will lead the said listing, even though the company is said to be in discussions with more banks.

The reports that were published by Bloomberg suggested that the company will go public in the first six months of 2018.

Investors are said to likely hold their breath following the disappointment of the landmark tech IPOs of last year: shares in Snapchat’s parent company, Snap, Inc, are 14 percent lower compared to the $17 they debuted at last March, while Blue Apron has dropped 65 percent since its IPO last June.

Dropbox, however, is underpinned by its encouraging financials: Drew Houston, the founder of the company, said that this time last year the sales of the company had broken the $1bn-a-year mark, with around 500m users and 200,000 paying business customers.

The valuation of the company hit $10bn way back in 2014 when it raised $250m from various investors including a fund that is managed by BlackRock. Other investors of the company include Sequoia Capital, Index Ventures, and Goldman.

The decision of the file-sharing giant to IPO signifies a break from a trend among tech companies, which have shied away from floating in the past years: both Uber and Airbnb have decided to continue to stay in private ownership, despite their valuations increasing into the tens billions of dollars.