Tech unicorn Dropbox files for US IPO

25 February, 2018, 02:10 | Author: Carmen Reese
  • Drew Houston Dropbox founder CEO

Dropbox is seeking to raise $US500 million ($638 million) - a United States dollar for each of its registered users - an order of magnitude more than the budget of The Emoji Movie, in which Dropbox was mentioned repeatedly and ham-fistedly, only to have its significance to the plot immediately stripped away by an antagonistic robot who kidnaps the film's hero, Gene Meh (TJ Miler), from the cloud. The cloud storage based company has been around since 2007 and today, SEC has publicly released its IPO details which include several specific offerings like last years financial statement.

Photo Drew Houston, chief executive of Dropbox, which was most recently valued at about $10 billion by private-market investors.

Dropbox revenue has been increasing for the last three years; in 2015 Company revenues was $603 million, in 2016 it was 6.5 million paying users while in last year it was 1.1 billion. In 2016, Dropbox said it had 500 million users and 150,000 Dropbox Business users, so while overall user growth is stagnant, more companies are paying for its product. The company plans to list on Nasdaq Global Select Market under the symbol DBX. Dropbox also reported $305 million in positive free cash flow previous year. What are your thoughts on Dropbox filing for IPO of up to $500 million?

Dropbox's move to go public isn't all that surprising, but it is an important step for the company and the larger tech industry.

Evan Spiegel

The group said it had 500m registered users, of which 100m had signed up since the start of 2017, and that it was generating around $112 in average revenue per paid user.

Meanwhile, Dropbox granted about US$190 million in stock awards to three top executives past year, according to the IPO filing.

Meg Whitman, the former CEO of Hewlett Packard Enterprise Co. who joined Dropbox's board in September, received stock worth $908,800. However, according to sources cited by the Wall Street Journal, the IPO will value Dropbox at $7 billion to $8 billion.

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

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