Dropbox Files for IPO on Nasdaq
Posted on February 24, 2018
Dropbox has filed for an IPO. The company will be listed on the Nasdaq under the ticker symbol DBX. CNBC is reporting that the company has over $1.1 billion in annual revenues. They also note Dropbox is the first big tech company to go public since Snap.Dropbox says its file storage and transfer service is used by over 500 million people. There are 300,000 teams using Dropbox Business. Condoleezza Rice, former US Secretary of State, is on the company's board of directors.
CNBC says Dropbox has a growing R&D budget but still managed to become cash-free-positive in 2016. They look to raise $500 million with the IPO. GeekWire has a story about how the company saved nearly $75 million by building its own infrastructure for its file storage service. The IPO is lead story on Techmeme this weekend.
You can find the Dropbox IPO prospectus here.