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Dropbox seeks to raise $500m through public float

24 February, 2018, 09:22 | Author: Lydia Fleming
  • Dropbox files to go public 10 years after launch

The S-1 form Dropbox filed with the Securities and Exchange Commission revealed that the company lost $111 million on revenue of $1.1 billion previous year.

The San Francisco-based Dropbox has been expected to go public since news reports surfaced a year ago that it had retained Goldman Sachs and JPMorgan Chase to work on the offering, which the S-1 form appears to confirm.

It's official - Dropbox has finally filed for an initial public offering (IPO) after years of rumors and speculation. But the losses are shrinking each year as revenue climbs. Dropbox was last valued by private-market investors at about $10 billion. What's more, the company turned free cash flow-positive in 2016.

The IPO, which would provide an exit more than a decade after Dropbox was founded, also could spur other large "unicorns" ranging from Uber Technologies Inc.to Pinterest Inc.to test the waters. Rival Box Inc., which went public in 2015, hasn't turned profitable yet. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX), may have investments in securities of companies mentioned. "Dropbox's business model has scaled successfully".


"If Dropbox continues to focus on their user experience, they'll be able to compete successfully for consumers and professionals", Levie said.

Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest US enterprise technology companies to list domestically in several years.

Dropbox, which has 11 million paying users across 180 countries, said that about half of its 2017 revenue came from customers outside the United States. The company employed 1,858 people as of the end of 2017. "This is the world we want to live in".

Dropbox just filed for its initial public offering and will trade on the Nasdaq under the symbol DBX. The main underwriters for the offering are Goldman Sachs Group Inc. and JPMorgan Chase & Co., though the filing lists many other participating banks: Deutsche Bank Securities, Allen & Co.

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