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Dropbox files for up to $500M IPO

Data-sharing business Dropbox Inc. filed for an initial public offering of up to $500.0 million of its class A common stock.

The San Francisco-based company, which has applied to list its class A common stock on the Nasdaq Global Select Market under the symbol DBX, has not yet specified the number of shares or price range for the IPO.

Founded in 2007, Dropbox serves more than 500 million registered users across 180 countries, according to the filing.

For the year ended Dec. 31, 2017, the company generated revenue of $1.11 billion, up from $844.8 million in the prior year. The company posted a net loss of $111.7 million, or 38 cents per share in 2017, compared to the year-earlier loss of $210.2 million, or 74 cents per share.

Dropbox intends to use the net proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures. The company may also use a portion of the net proceeds for the acquisition of businesses, products, services or technologies.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Allen & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., RBC Capital Markets LLC, Jefferies LLC, Macquarie Capital (USA) Inc., Canaccord Genuity Inc., JMP Securities LLC, KeyBanc Capital Markets Inc. and Piper Jaffray & Co. are serving as underwriters for the offering.