Monday 19 February 2018

Dropbox advisers not ready to share flotation documents

Dropbox
Dropbox

Alex Barinka

Dropbox Inc, the file-sharing private company valued at $10bn, has filed confidentially for a US initial public offering, people familiar with the matter said.

Goldman Sachs and JPMorgan Chase will lead the potential listing, according to the people, who asked not to be identified because the filing wasn't public. Dropbox is talking to other banks this month to fill additional roles on the IPO, the people said. The company is aiming to list in the first half of this year, one of the people said.

A share sale by San Francisco-based Dropbox, one of a closely watched group of high-profile private tech companies with multi-billion dollar valuations, would follow Snap Inc's disappointing step into the public markets. How the stock fares post-listing will be an ongoing focus for both Wall Street and the tech community - Snap shares are down 15pc from its IPO last March.

Representatives for Dropbox, Goldman Sachs and JPMorgan declined to comment.

The two lead banks have a history of working with Dropbox. Goldman Sachs advised the company on earlier funding rounds and extended the company credit, while JPMorgan led a $600m credit line to Dropbox last year, the people said. Dropbox achieved its $10bn valuation in its last private funding round in 2014. Goldman Sachs had been helping prepare IPO documents. (Bloomberg)

Irish Independent

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