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Dropbox seeking to raise $500 million in stock market debut

24 February, 2018, 04:58 | Author: Lloyd Doyle
  • Arash Ferdowsi and Drew Houston co-founders of Dropbox

Now we know the first big tech company to go public in 2018.

Dropbox, one of technology's "unicorns", has filed for an initial public offering. Still, revenue growth has slowed and the vast majority of its more than 500 million users don't pay.

Dropbox said it plans to raise $500 million, but it didn't provide a price range, so it's not possible to know the potential valuation.

It raised almost $2 billion in venture capital and reportedly hit a $10 billion valuation on the private market in 2014.

Private investors have valued Dropbox, founded in 2007, at as much as $10 billion.

However, Dropbox warned on competition in the market, saying that "certain features of our platform compete in the cloud storage market with products offered by Amazon, Apple, Google, and Microsoft, and in the content collaboration market with products offered by Atlassian, Google, and Microsoft".


While there were more than 500 million registered Dropbox users at the end of a year ago, only 11 million of them were paying subscribers, the firm said in the regulatory filing.

Dropbox competitor Box listed on the public markets back in 2015.

Reports emerged in January that the file-sharing company had confidentially filed for an IPO, although Dropbox declined to comment at the time.

Dropbox woos users with a free version of its online file-storing service, then entices with premium features to upgrade to paid subscriptions.

The filing also said co-founder and Chief Executive Drew Houston (pictured) has 24.4 percent of voting power in the company. 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.

Dropbox said its shares will trade on the Nasdaq under the symbol "DBX". Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.

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