Friday, 14 December, 2018

Dropbox files to go public 10 years after launch

Dropbox files to go public 10 years after launch Dropbox Files to Go Public
Kayla Schwartz | 24 February, 2018, 00:42

The file-sharing company Dropbox filed its S-1 form on Friday with the Securities and Exchange Commission, meaning one of the most anticipated initial public offerings in tech is well on its way.

In a filing with the Securities and Exchange Commission on Friday, Dropbox said it planned to raise up to $500 million in the offering, and meant to use the money for a variety of purposes, including potential acquisitions. Arash Ferdowsi, who co-founded the firm with Houston, and Quentin Clark, who oversees engineering, product and design, got shares worth $46.7 million and $34.1 million, respectively.

Dropbox has done very well over the past two years. Clark's stock vests over five years.

Dropbox just filed for its initial public offering and will trade on the Nasdaq under the symbol DBX.

Threats Against Schools Increase Since Florida Shooting
Dozens of weapons, including semiautomatic rifles, handguns and ammunition, were recovered from the home of one of the suspects. Most of the threats have come from California, with Pennsylvania, New York, Florida, and IL rounding out the top five.

Some details we're learning about Dropbox thanks to its first public filing: the company's revenue has been increasing for the past three years, growing from $603 million in 2015 to $1.1 billion last year. The company hopes its IPO will give it the cash it needs to beat out rivals that also offer cloud documents, storage, and collaboration (like Box, Microsoft, and Google), as well as retain the individual users that have fueled most of Dropbox's growth.

CNBC notes that Dropbox's $500 million IPO matches up exactly with its 500 million users.

The big question is whether the company will achieve the $10 billion valuation it raised in the private markets.

Dropbox's move to go public isn't all that surprising, but it is an important step for the company and the larger tech industry. The service has 11 million paying users, but most of its more than 500 million users don't pay for the service. That will be the first time a tech company of its size chooses to avoid a traditional IPO process and instead publicly list its shares without issuing any new ones.

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