Beck Diefenbach
Data-sharing site Dropbox Inc. is looking for underwriters for an initial public offering that could happen later this year, Reuters reported late Friday. Dropbox, which was valued at nearly $10 billion in a private fundraising round in 2014, plans to begin interviewing investment banks in the next few weeks, sources close to the situation told Reuters. The company has yet to comment on the report. The IPO would be the biggest by a U.S. technology company since Snap Inc. went public earlier this year, a move that has not yet yielded much success, with investors expressing concerns over the low numbers and missed estimates in the company’s first quarterly report. Proceeds from technology IPOs have steadily declined since 2014, meaning the IPO could prove to be a crucial test for Dropbox’s worth. The company, founded in 2007 by two Massachusetts Institute of Technology graduates, currently has Sequoia Capital, T. Rowe Price and Greylock Partners as investors.