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Dropbox files for IPO of up to $500 million

Dropbox files for IPO of up to $500 million”

Dropbox has finally chose to go public 10 years after its launch.

Dropbox, a cloud storage company based in Silicon Valley's heart San Francisco, is listing on the Nasdaq under the stock ticker $DBX, according to its S-1 document unveiled by the Securities and Exchange Commission (SEC) on Friday.

According to its IPO prospectus, Dropbox now has 11 million paying subscribers (and 500 million registered users on the service).These subscriptions now account for 90% of the company's $1.1 billion in revenue.

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.

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Dropbox put out word in 2016 that encrypted user IDs and passwords of some 68 million clients were stolen four years earlier were freshly leaked online. 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.

In the company's registration for the IPO, it said it granted about $190 million in stock awards to three top executives previous year. In its filing, the company name-checked Amazon, Apple, Google and Microsoft as rivals in the cloud storage space, and Atlassian, Google and Microsoft as competitors when it comes to content collaboration.

Dropbox, which was founded by MIT students Drew Houston and Arash Ferdowsi, promises to be one of the most prominent technology initial public offerings of the past few years.

Dropbox hopes to upload 500 million files to its account.

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Among institutional investors, Sequoia Capital, which led Dropbox's seed round in 2007 and first venture round the following year, owns 23 percent, followed by Accel at 5 percent and T. Rowe Price at 3.5 percent.

Quentin Clark, who joined last year to oversee engineering, product and design, was given shares worth US$34.1 million in September last year.

"As we strive to grow our business, we expect expenses to increase in the near term", Dropbox said. They will vest over five years as long as he remains on the job. He also received a $340,000 signing bonus.

Former Hewlett Packard Enterprise Co CEO Meg Whitman, who joined Dropbox's board in September, received stock worth US$908,800.

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