Dropbox has filed confidentially to go public, setting in motion what could be one of the most closely-watched tech IPOs of the year.
However, not everything is set in stone, as Dropbox is reportedly talking with other banks that could fill in additional roles in the IPO.
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Dropbox is reportedly aiming to list in the first half of this year.
Representatives for Dropbox, Goldman Sachs and JPMorgan declined to comment.
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Dropbox, which gives companies and individual users a cloud-based portal for sharing files and documents, would join rival Box as a public company once the filing actually goes public. How the stock fares post-listing will be an ongoing focus for both Wall Street and the tech community. Houston, the company's chief executive, said last January that Dropbox was on a pace to collect $1 billion in sales on an annualized basis and had positive free cash flow. It also has been profitable, excluding interest, taxes, depreciation and amortization. Last year, several much buzzed-about tech companies, including Snapchat's parent company and Blue Apron, the meal kit delivery service, went public - and then promptly disappointed investors, raising questions about the durability of these businesses.
The number of IPOs jumped 52% in 2017 vs. the year before, driven by successful IPOs from biotech and technology companies and the return of Chinese issuers. Some critics called it too high compared to what the value would be on public markets.
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Earlier this month the Swedish streaming music service Spotify also reported to be making a "confidential" or "secret" IPO. This will lead to an initial public offering (a type of public offering in which shares of a company are sold to institutional investors) at an unspecified time during 2018. But its $10 billion valuation raised the stakes, putting pressure on the company to wait until it believes it could achieve or come close to that market cap on the stock market. It has hired Goldman Sachs and JPMorgan Chase to help underwrite the initial offering, said the people briefed on the matter, who asked not to be identified because they were not authorized to speak publicly.