Dropbox tees up bankers as it eyes multi-billion dollar float

Oliver Gill
Follow Oliver
Web Summit Dublin - Day 1
Drew Houston co-founded Dropbox in 2007 (Source: Getty)

Data-sharing giant Dropbox is eyeing a multi-billion dollar float later this year, making it the largest tech firm to go public since Snap, according to reports.

Dropbox is interviewing a raft of investment banks over the coming weeks to run the listing, Reuters reported.

In 2014, a private fundraising value Dropbox at $10bn.

The move contrasts with the strategies by US tech firms such as Airbnb and Uber, which have decided to stay in private ownership. Concerns are that stock market investors ascribe a greater importance to profitability and would put lower valuations against them.

Earlier this year Snap lowered its float pricing amid investor unease about unproven earnings. While it currently has a market capitalisation of $21bn, its shares a trundling just above its initial public offering price.

Read more: Podcast: Growth hackers - how Dropbox achieved insane growth

Technology listing proceeds have been on a downward trend in recent years. They topped $34bn in 2014 before falling to $6.7bn in 2015 and $2.9bn in 2016.

Dropbox was founded in 2007 by Massachusetts Institute of Technology graduates Drew Houston and Arash Ferdowsi.

Read more: Data storage firm Dropbox gets $10bn valuation in funding round

Related articles