Dropbox has secretly filed for a US IPO

Dropbox has secretly filed for a US IPO

File-storage company Dropbox confidentially filed for a US initial public offering Thursday, people familiar with the matter said. Dropbox has enlisted Goldman Sachs and JP Morgan Chase to lead the offering, and is looking to add additional banks. Whatever the evaluation it stands that San Francisco headquartered Dropbox remains one of highest-worth venture-backed companies that remains in private hands. That's when companies planning to go public travel the country making presentations to potential investors just before their shares begin to be traded. Dropbox was valued at a hefty $10 billion when it last raised money, in 2014. The company is on track to join Spotify, the online streaming giant, on the public markets, with Uber, Lyft and Airbnb expected to follow suit in the next few years. Last year, several much buzzed-about tech companies, including Snapchat's parent company and Blue Apron, the meal kit delivery service, went public - and then promptly disappointed investors, raising questions about the durability of these businesses.

In June, in hopes of spurring more IPOs, the Securities and Exchange Commission broadened the rules to allow all companies to confidentially submit their IPO registration documents.

Representatives for Dropbox, Goldman and JPMorgan declined to comment on the filing, which was reported earlier by Bloomberg News.

More news: Cutting ties: YouTube removes Logan Paul as a preferred partner

Dropbox started as a free service for consumers to share and store photos, music and other large files.

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 past year.

Dropbox is likely to tout its biggest investment in recent years: its own cloud. Box has since rebounded to a market cap of about $3 billion.

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