Dropbox, the popular cloud storage provider, has reportedly made a confidential filing for an initial public offering.
Bloomberg claims that the company, which is currently valued at $10 billion, has enlisted Goldman Sachs and JP Morgan to handle the stock exchange listing, although it's not yet clear whether it will float on Nasdaq or the New York Stock Exchange (NYSE).
Dropbox is also thought to be in talks with other banks to get additional support on the IPO, but the company has reportedly sought a confidential listing to avoid public scrutiny.
Unlike Snap, which went public a year ago, and was quickly affected by a drop in its share price as its financial performance disappointed, Dropbox has been turning a profit. Its revenues are now more than $1 billion, according to CEO Drew Houston.
Only introduced in July 2017, confidential filings enable private companies to conduct public share sales with less pressure from public scrutiny, although they remain regulated by the Securities and Exchange Commission (SEC) the same as any other public share offering.
Dropbox first hit the $10 billion valuation mark in 2014, after completing a private funding round. Although there's some doubt that the firm will be able to reach this valuation after it goes public, the sources believe that stock could still trade highly.
Based in San Francisco, California Dropbox has grown strongly in recent years after it shifted its focus from the personal and student end of the market to corporates and other major organisations.
However, it competes against Google, with Google Drive, Microsoft with OneDrive, and Box, an independent rival that always had a more corporate focus. In 2016, the firm claimed more than 500 million users - most of whom will be using the two gigabyte 'free' version.
It's not the first time that Dropbox has considered an IPO, with the company reportedly lining up a public share offering in July 2017, too.
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