However, not everything is set in stone, as Dropbox is reportedly talking with other banks that could fill in additional roles in the IPO.
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. Representatives for the company, along with the same of JPMorgan and Goldman declined to comment on this matter.
Much like how Spotify quietly filed for a public IPO, it looks like Dropbox is following the same route. How the stock fares post-listing will be an ongoing focus for both Wall Street and the tech community. 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. Dropbox for Business, the premium product aimed at business users and considered its most important business going forward, has 200,000 customers the company says on its website.
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Unlike other recent tech IPOs such as Snap, where companies have listed on the stock market despite losing money, Dropbox boasts annual revenues of around $1bn (£734m), and has reportedly been profitable, excluding interest, taxes, depreciation and amortisation. Some critics called it too high compared to what the value would be on public markets. Other high-profile companies that could follow Dropbox in upcoming months include Airbnb, WeWork and Uber, as well as companies without quite the same buzz but with the financials to go public, such as Qualtrics.
If Dropbox's IPO pushes through, the company will be under close watch by investors.
One big question that hangs over a potential IPO is what sort of valuation Dropbox would command as a public company. It has hired Goldman Sachs and JPMorgan Chase to help underwrite the initial offering, said the people briefed on the matter, who asked not to be identified because they were not authorized to speak publicly.