Dropbox to file confidentially for IPO

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The company valued by private investors at $10 billion has tapped Goldman Sachs and JPMorgan Chase to lead the listing process, a source with knowledge of the company has confirmed to Forbes.

Dropbox is talking to other banks this month to fill additional roles on the IPO, the people said. Dropbox had about 500 million users and 200,000 paying business customers on its books a year ago. 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.

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Bloomberg reported Thursday that Dropbox had filed for an IPO using the Securities and Exchange Commission's confidential reporting system, which allows Dropbox to submit its initial income statements and balance sheets to the SEC without letting the public pore all over the details. Uber, the most highly valued private tech company, is not expected to go public until 2019.

Representatives for Dropbox, Goldman Sachs and JPMorgan declined to comment. 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.

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Dropbox could be one of the biggest U.S. enterprise technology companies to list domestically in recent years. The company received a $10 billion valuation after its last funding round in 2014, which venture capital research firm CB Insights opined to be too high. At the time, the company said it was the fastest software-as-a-service company to reach that milestone.

TechCrunch has been hearing that the cloud company plans to go public in early 2018. The service lets companies keep documents in a commonly accessible place without having to build their own server farms.

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