Dropbox could be one of the biggest USA enterprise technology companies to list domestically in recent years. A successful offering could open up the sluice gate for a flood of other companies waiting to go public.
File-storage company Dropbox confidentially filed for a USA initial public offering Thursday, people familiar with the matter said.
The sources said Goldman Sachs Group Inc. and JPMorgan Chase & Co. are acting as underwriters, which was reaffirmed by a tipster who spoke separately to CNBC. The company is taking a much more conventional approach to the IPO than Spotify Ltd., which is also said to have quietly filed for a public offering recently.
Dropbox, which gives companies and individual users a cloud-based portal for sharing files and documents, would join rival Box as a public company once the filing actually goes public.
This means that once Dropbox makes its filing public, its actual debut should be within weeks.
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The two lead banks have a history of working with Dropbox.
The company is expected to formally submit its IPO filing before the end of the second quarter, according to Bloomberg. It claimed some 500 million users in the spring of 2016, the company's last publicly disclosed figure. Right now, it's reported that Dropbox is bringing in $1 billion per year in revenue, making it likely that its IPO could prove to be even more successful, as noted by Bloomberg.
But Dropbox's road has also been bumpy. However, this net worth has been criticized by some investors as being overvalued.
Box trades at about six times its sales for the last 12 months, according to data from Standard & Poor's Global Market Intelligence, giving it a market capitalization of about $3 billion.