Wednesday, 18 September, 2019

Dropbox officially files IPO, cloud service seeking $500 million

Arash Ferdowsi and Drew Houston co-founders of Dropbox Getty Images Arash Ferdowsi and Drew Houston co-founders of Dropbox
Emmett Howard | 23 February, 2018, 23:26

Dropbox's plans to go public were unsealed by the SEC on Friday, after previously filing the documents confidentially.

Dropbox Inc. granted about $190 million in stock awards to three top executives past year as the file-sharing company prepared for an initial public offering. That figure is often a placeholder. The company will trade on Nasdaq under the symbol "DBX".

Dropbox also says it has 500 million registered users in 180 countries, with 100 million having signed up since the beginning of 2017.

Dropbox has done very well over the past two years.

$0.31 EPS Expected for Marvell Technology Group Ltd. (MRVL) This Quarter
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Saluda man confined girl to his bedroom for 2 months
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Aperio Group LLC Has $17.30 Million Holdings in GameStop Corp. (NYSE:GME)
Shares of GameStop (NYSE:GME) traded up $0.19 on Friday, reaching $16.41. 35 funds opened positions while 93 raised stakes. It worsened, as 37 investors sold GME shares while 83 reduced holdings. 37 funds opened positions while 92 raised stakes.

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. Some unicorns are still on the IPO sidelines, most notably ride-hailing company Uber and home-sharing company Airbnb.

The big question is whether the company will achieve the $10 billion valuation it raised in the private markets. Tech giants like Apple and Google elbowing into the online storage space for consumers forced Dropbox to switch its focus to the storage needs of businesses.

Goldman Sachs & Co LLC, J.P. Morgan and Deutsche Bank Securities are some of the leading underwriters for the IPO.

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