Dropbox files confidentially for IPO

Dropbox has filed confidentially for IPO, according to Bloomberg.

TechCrunch has been hearing that the cloud company plans to go public in early 2018. The company did not respond to request for comment.

The San Francisco-based business has been around since 2007 and there’s been speculation for years that it was getting closer to going public. But its $10 billion valuation raised the stakes, putting pressure on the company to wait until it believes it could achieve or come close to that market cap on the stock market.

Dropbox has said that it has annual sales that exceed $1 billion. It’s also cash flow positive.

According to Bloomberg, Goldman Sachs and JPMorgan are leading the listing.

Competitor Box went public in 2015 and has since seen shares rise more than 50 percent.

Confidential filings, which were enabled by the JOBS Act, allow companies to submit paperwork to the SEC without public scrutiny. Most tech companies have been taking advantage of this provision, then reveal their filings about 15 days before the IPO roadshow.

This means that once Dropbox makes its filing public, its actual debut should be within weeks.

Spotify also recently confidentially filed to go public.