Dropbox files for IPO

Dropbox Inc., the file-sharing company that’s been privately valued at £10 billion, filed for a U.S. initial public offering, saying it was at scale and capable of moving fast. The company filed with an offering size of £500 million, according to a filing with the U.S. Securities and Exchange Commission.

That amount is a placeholder and is likely to change. The company plans to use the proceeds to pay down debt and for general corporate purposes. Dropbox, which was valued at £10 billion in its 2014 funding round, would be one of the biggest U.S. enterprise technology companies to list domestically in several years.

First Data Corp. went public at a market value of about £14 billion in 2015 — the biggest such IPO in the past five years. “While we’re at scale, we can still move quickly,” Dropbox co-founders Drew Houston and Arash Ferdowsi said in a letter to shareholders included in Friday’s filing. “Imagine if every minute at work were well spent — if we could focus and spend our time on the things that matter. This is the world we want to live in.”

While Dropbox has been touting its scale — with more than 500 million registered users — and the fact that it is cash-flow positive, the filing gives a more in-depth look at its financials. The company’s revenue increased more 30 percent last year to £1.1 billion from £845 million in 2016. In the same period, the company’s net losses shrank to £112 million from £210 million.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering.

The company plans to list on Nasdaq Global Select Market under the symbol DBX.

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