Dropbox submits confidential filing for an IPO

The Drop Box logo is seen in this illustration

The IPO is expected in the first half of 2018, Bloomberg reported, marking the first high-profile tech listing of the year, and coming on the heels of Snap's disappointing IPO in 2017.

Much like how Spotify quietly filed for a public IPO, it looks like Dropbox is following the same route.

Dropbox is used by hundreds of millions of people worldwide to store and share files. Goldman Sachs and JPMorgan Chase & Co are said to be leading this potential listing.

Non-public filings have become more common since July, when the Securities and Exchange Commission began allowing all companies to file early IPO documents confidentially - a perk previously reserved for smaller businesses. For many years now, many have wondered why Dropbox was constantly holding out on going public, but better late than never.

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Dropbox and JPMorgan declined to comment on the report. The company provides cloud storage, file synchronization, personal cloud, and client software. A successful offering could open up the sluice gate for a flood of other companies waiting to go public.

The company, valued at nearly $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June. 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.

Dropbox is likely to tout its biggest investment in recent years: its own cloud. That's made it easier for Dropbox to cut costs while speeding file transfers, Chief Operating Officer Dennis Woodside said in an interview a year ago.

Taking on the risk of lending to a private company can typically help a firm's chances in underwriting an eventual IPO.

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