JPMorgan, Goldman to lead Dropbox in US IPO

JPMorgan, Goldman to lead Dropbox in US IPO

Cloud storage giant Dropbox has filed for an IPO according to sources close to the company.

The cloud-based file sharing company has been valued at $10 billion a few years ago and has been steadily workin towards becoming a pubic company. Dropbox has hired Goldman Sachs and JP Morgan Chase to lead the IPO.

Snapchat now is public and continues to lose money, Snap Inc.'s IPO was still a pretty big deal. The listing is created to test Dropbox's most recent valuation, which was set at $10 billion. We also send freebies and lots of other goodies exclusively to our email subscribers.

Drop acquired has 24 companies in over ten years since it started. Dropbox is a file hosting service operated by American company Dropbox, Inc. The service works by Dropbox creating a special folder on the a computer.

But the company hasn't raised a new round of financing since 2014 - the company acknowledges valuations then were quite "different" from today's - and it has been speculated as a top IPO candidate for almost every year since then. The company declined to comment on the news, as did Goldman Sachs and JPMorgan.

"What Drew and the team have accomplished is something that we are proud of in the tech community and should be proud of as a country", said Ben Horowitz, a venture capitalist at Andreessen Horowitz, which has not invested in Dropbox. But that doesn't mean Dropbox's business is profitable on a net basis yet. However, this net worth has been criticized by some investors as being overvalued.

Dropbox could face potential volatility too.

Box trades at about six times its sales for the last 12 months, according to data from Standard & Poor's Global Market Intelligence, giving it a market capitalization of about $3 billion.

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