Dropbox has kept a low profile and filed for a stock market listing in secret in the United States, planning to go public in the first half of 2018.
This move to the stock market has been in planning for some time, with the cloud storage company receiving substantial private valuations. Dropbox was valued at over $10 billion in its last private funding round, and began the unicorn trend.
According to Bloomberg, J.P. Morgan and Goldman Sachs have been brought on board by the company to handle the U.S. initial public offering. The prominent consumer technology company has not yet commented on the action, but the move serves as a barometer for the improving financial climate.
In early 2017 Dropbox appeared to be well on its way to making an IPO after announcing that it had secured a $600 million credit line. The credit facility was led by J.P. Morgan Chase and contributed to by the likes of Goldman Sachs, Bank of America and Bank of Canada.
Dropbox has streamlined its approach since witnessing the 40 per cent market value loss experienced by Box in 2016, a key rival in the space. In reaction to this, Dropbox aimed to boost revenues by targeting larger businesses with its services and by setting up its own data centres.
The company has since sought to enhance its market reach by offering ‘Professional’ cloud collaboration capabilities, part of its mission to bring larger organisations on board.
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Universities are another group that Dropbox has found great success with, boasting an education customer base of over 6,000. In 2017, The University of Cambridge in the United Kingdom selected Dropbox’s services, subsequently bringing its capabilities to the Institute of Astronomy and the Department of Public Health and Primary Care.
Goldman Sachs and J.P. Morgan are also yet to pass comment on the initial public offering they are set to be in charge of handling.