Going public is a huge milestone for Dropbox and has been one of the most anticipated tech IPOs for several years now. Dropbox shares could begin trading as early as the week of March 19. The company's core corporate software product Dropbox Business now has 300,000 users, the filing notes.
The company made public its filing on Friday, but noted that it submitted documents a year ago in a confidential filing with the SEC under rules for "emerging" growth companies.
The 11-year-old company's financials, revealed in a public filing, paint a picture of a firm with more than $1 billion in revenue, shrinking losses and roughly 11 million paying users.
Dropbox, which was founded in 2007 and was valued at $10bn (£7.2bn) at a fundraising round in 2014, filed with an offering size of $500m, although this amount is normally a temporary placeholder and often changes. Rival Box Inc., which went public in 2015, hasn't turned profitable yet.
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Unlike some other cloud companies that have needed to hire big sales forces to sell to large enterprise customers, Dropbox has managed to avoid that cost, at least so far. To compete, Dropbox is pouring money into research and development to convert non-paying users to paid subscribers, and to enhance collaborative tools. Some 300,000 teams also use its beefier Dropbox Business service, which starts at $12.50 a month for teams of three users. But Dropbox's move is impressive in part because CEO Drew Houston once took a risk by turning down an offer from the one and only Steve Jobs.
The company filed with an offering size of $500 million, according to a filing with the U.S. Securities and Exchange Commission. The company employed 1,858 people as of the end of 2017. Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.
Dropbox just filed for its initial public offering and will trade on the Nasdaq under the symbol DBX.
Goldman Sachs & Co., JPMorgan and Deutsche Bank Securities are some of the leading underwriters for the IPO.