Data-sharing business Dropbox is looking for underwriters for an initial public offering, which could be the biggest U.S. technology company to go public since Snap. Fred Katayama reports.
Dropbox is looking for underwriters. Sources told Reuters the data-sharing company could launch an Initial Public Offering later this year. If it does, Dropbox will be the biggest U.S. technology company to go public since Snap. Dropbox declined to comment. Liana Baker covers the story for Reuters: (SOUNDBITE) LIANA BAKER, CORRESPONDENT, REUTERS (ENGLISH) SAYING: "Dropbox was valued in 2014 at over $10 billion. Sources I'm speaking to don't think a $10 billion valuation will be possible. The big trend right now in IPOs is this down round IPOs. We've seen them a lot. We've seen them with Snapchat, we saw it with Box few years ago, which is Dropbox' biggest competitor. Companies are going public at a lower valuation than they raised money at privately." Dropbox started in 2007 as a free service for consumers to share large files. It now focuses on selling its services to companies.