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Tech unicorn Dropbox files for US IPO

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Dropbox has filed for an initial public offering in the US, documents released on Friday revealed, in what is likely to be the largest float since Snapchat owner Snap.

Reports emerged in January that the file-sharing company had confidentially filed for an IPO, although Dropbox declined to comment at the time.

Its decision to publicly reveal its plans now suggest the IPO is likely to take place soon. No date was revealed in the prospectus.

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.

The documents revealed earnings figures for Dropbox, showing it had generated $1.1bn in revenue in 2017, up 30pc on 2016, helping its net losses to narrow to $112m from $210m.

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.

However, Dropbox warned on competition in the market, saying that "certain features of our platform compete in the cloud storage market with products offered by Amazon, Apple, Google, and Microsoft, and in the content collaboration market with products offered by Atlassian, Google, and Microsoft".

It said it competed with perhaps its closest competitor Box "on a more limited basis in the cloud storage market for deployments by large enterprises".

Source :- telegraph
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