Dropbox IPO Filing Reportedly Made Confidentially

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Dropbox has confidentially filed for IPO, after years of rumors about its public debut, according to Bloomberg.

Dropbox has since pivoted to focus on winning business clients, and Houston, the company's CEO, has said that Dropbox is on track to generate more than $1 billion in revenue this year.

The company, valued at nearly $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June.

The last private valuation for Dropbox was $10 billion in a 2014 funding round.

The goal is to list the company within the first half of 2018, with the listing to be led by Goldman Sachs Group and JPMorgan Chase & Co., Bloomberg reported.

The two lead banks have a history of working with Dropbox.

Representatives for Dropbox, Goldman and JPMorgan declined to comment on the filing, which was reported earlier by Bloomberg News.

Dropbox is likely to tout its biggest investment in recent years: its own cloud.

The company is aiming to begin trading on a stock market in the spring, one of these people added, cautioning that the timing of an IPO is fluid and may change. Mutual fund investors at times marked down the value of their stakes in the company.

Dropbox started as a free service for consumers to share and store photos, music and other large files. 500 million registered users around the world use Dropbox to work the way they want, on any device, wherever they go.

One big question that hangs over a potential IPO is what sort of valuation Dropbox would command as a public company.

"By expanding a popular JOBS Act benefit to all companies, we hope that the next American success story will look to our public markets when they need access to affordable capital", Clayton said in a statement.