Dropbox Inc., the file-sharing company that\u2019s been privately valued at $10 billion, filed for a U.S. initial public offering, saying it was at scale and capable of moving fast.<\/p>\n
The company filed with an offering size of $500 million, according to a filing with the U.S. Securities and Exchange Commission. That amount is a placeholder and is likely to change. The company plans to use the proceeds to pay down debt and for general corporate purposes.<\/p>\n
Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest U.S. enterprise technology companies to list domestically in several years. First Data Corp. went public at a market value of about $14 billion in 2015 — the biggest such IPO in the past five years.<\/p>\n
\u201cWhile we\u2019re at scale, we can still move quickly,\u201d Dropbox co-founders Drew Houston and Arash Ferdowsi said in a letter to shareholders included in Friday\u2019s filing. \u201cImagine if every minute at work were well spent — if we could focus and spend our time on the things that matter. This is the world we want to live in.\u201d<\/p>\n
While Dropbox has been touting its scale — with more than 500 million\u00a0registered users — and the fact that it is cash-flow positive, the filing gives a more in-depth look at its financials. The company\u2019s revenue increased more 30 percent last year to $1.1 billion from $845 million in 2016. In the same period, the company\u2019s net losses shrank to $112 million from $210 million.<\/p>\n
Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering. The company plans to list on Nasdaq Global Select Market under the symbol DBX.<\/p>\n
Dropbox has been privately valued at $10 billion.<\/p>\n","protected":false},"author":341034,"featured_media":178216,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[1922,10004],"class_list":["post-250011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-software","tag-dropbox","tag-ipo"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/250011"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=250011"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/250011\/revisions"}],"predecessor-version":[{"id":250013,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/250011\/revisions\/250013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/178216"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=250011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=250011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=250011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}