Dropbox confidentially files 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 reportedly aiming to list in the first half of this year. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go. 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.

The file-storage company Dropbox has filed papers indicating its attention public, according to business news site Bloomberg.

How Dropbox fares on the public markets will provide a prominent beacon for tech "unicorns" valued at $1 billion or more who have watched Blue Apron and Snap struggle with their public debuts in recent months and remained on the sidelines.

Unlike money-losing Snap, Dropbox will come to the table with annualized sales of more than $1 billion (roughly Rs. 6,350 crores), Chief Executive Officer Drew Houston said in an interview a year ago.

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"Cash is oxygen", Houston said in an onstage interview at the time.

In July 2017, Dropbox featured as No. 2 on the Forbes Cloud 100 list of top private cloud companies.

Dropbox joins a growing list of large tech companies preparing to go public in the USA early this year.

The company's last reported valuation of $10 billion came during a venture capital funding round in 2014. The service lets companies keep documents in a commonly accessible place without having to build their own server farms. There has been no official confirmation about this just yet, either from Dropbox or Goldman Sachs and JPMorgan for that matter.