The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Dropbox Inc., the file-sharing company that’s been privately valued at $10 billion, filed for a US 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 US 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 US 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 its filing.