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Dropbox Files for IPO of $500 Million
25 February 2018, 01:48 | Violet Powell
Drew Houston cofounder and CEO of Dropbox Dropbox
The beloved, easy-to-use (if somewhat stagnant) file syncing service had documents unsealed at the SEC today revealing plans for an initial public offering, where Dropbox is looking to raise up to $500 million.
The filing shows that Dropbox had $1.1 billion in revenue for past year.
Dropbox boasts about 500 million registered users, but a lot of them do not pay for its service. This comes ten years after the company was founded, nine years after CEO Drew Houston turned down an offer from Steve Jobs, and a few years after it was valued at $10 billion.
The company's top priority is convincing its existing free users to switch to paying subscriptions, but it openly acknowledges that "a majority of our registered users may never convert to a paid subscription to our platform". The company plans to list on Nasdaq Global Select Market under the symbol DBX.
Dropbox hopes to upload 500 million files to its account.
Dropbox on Friday disclosed reams of financial information in its S-1 filing as it prepares at long last to go public. But the losses are shrinking each year as revenue climbs. The company has been around since 2007 and has raised over $600 million in funding. The company is still operating at a yearly loss, albeit a shrinking one, dropping from $326 million in 2015 to nearly $112 million in 2017.
"We estimate that approximately 300 million of our registered users have characteristics - including specific email domains, devices, and geographies - that make them more likely than other registered users to pay over time", the company said in the filing.
Meanwhile, Dropbox's net loss was $210.2 million past year which decreased and now its $111.7 million in 2017, so according to this chart company is doing a pretty good job but they chose to take their company towards a higher level.
Its private-market valuation, based on previous venture capital fund-raising, is estimated at $10 billion. Their shares will vest if Dropbox's stock achieves a series of price hurdles ranging from US$20 to US$60 within a decade of the offering's close, the filing said.
Dropbox said Friday that it booked $1.1 billion in revenue a year ago. Its rivals in online file storage include three of the world's most powerful companies - Google, Microsoft Corp and Amazon.com Inc.
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