Dropbox said to file confidentially for initial offering

Web Summit Dublin- Day 1

Now Dropbox, the online file storage company that is part of Silicon Valley's closely watched pack of "unicorns", plans to try its luck.

Reports suggested Goldman Sachs and JPMorgan will lead the listing, although the company is said to be in talks with more banks.

Much like how Spotify quietly filed for a public IPO, it looks like Dropbox is following the same route.

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Dropbox isn't confirming the filing of the IPO paperwork, which doesn't require the company to go public by any certain date.

The company, valued at nearly $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June.

Drop acquired has 24 companies in over ten years since it started.

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San Francisco-based Dropbox, which was founded in 2007 by Massachusetts Institute of Technology graduates Drew Houston and Arash Ferdowsi, counts Sequoia Capital, T. Rowe Price and Greylock Partners as investors.

In June, in hopes of spurring more IPOs, the Securities and Exchange Commission broadened the rules to allow all companies to confidentially submit their IPO registration documents. The company declined to comment on the news, as did Goldman Sachs and JPMorgan.

The company is aiming to begin trading on a stock market in the spring, one of these people added, cautioning that the timing of an IPO is fluid and may change. Houston, the company's chief executive, said last January that Dropbox was on a pace to collect $1 billion in sales on an annualized basis and had positive free cash flow.

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Dropbox is also interesting because of its decision to move off public cloud services two years ago and onto its own data center infrastructure, one of the first startups built on Amazon Web Services to do so. Box has since rebounded to a market cap of about $3 billion.

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