Dropbox has confidentially filed to go public

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Dropbox chief executive Drew Houston
Credit
AP

Data-sharing business Dropbox Inc has filed confidentially for a USA initial public offering led by Goldman Sachs Group Inc and JPMorgan Chase & Co, Bloomberg reported, citing people familiar with the matter.

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.

Dropbox's main competitor, Box Inc, was valued at roughly $1.67 billion in its IPO in 2015, less than the $2.4 billion it had been valued at in previous private fundraising rounds. The company is aiming to list in the first half of this year, one of the people said.

Much like how Spotify quietly filed for a public IPO, it looks like Dropbox is following the same route.

Drop acquired has 24 companies in over ten years since it started.

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And Wall Street investors must also be convinced that Dropbox can continue to attract customers, even as tech giants like Google and Microsoft have freely offered their own online data storage services. The company declined to comment on the news, as did Goldman Sachs and JPMorgan.

Unlike Snap, which has disappointed since its public offering, Dropbox CEO Drew Houston said the company has annualized sales of more than $1 billion. But bankers and analysts said numerous biggest potential market debutantes would likely sit on the sidelines for another year, having already raised enormous sums in the private markets. However, this net worth has been criticized by some investors as being overvalued.

Dropbox is a file hosting service operated by American company Dropbox, Inc. It has a market capitalization of $21 billion.

Dropbox is likely to argue that its bigger user base and greater reliance on word-of-mouth to gain consumers should mean that it is valued higher than Box.

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