Dropbox filed to go public on Friday afternoon, and its upcoming public offering is poised to be the biggest tech listing since Snap filed last spring.
The company, which reported just over $1bn in revenues last year, is continuing the tech tradition of dual-class shares, which which will concentrate power in the hands of its two co-founders and early investors.
The Dropbox prospectus even allows for a potential third class of shares with zero voting power, as Hannah Kuchler and Tom Braithwaite detail in their story here. The transfer raises the query of whether or not Dropbox will probably be included in inventory indices which have just lately began cracking down on dual-class share constructions.
There is a parallel right here with Snap, which additionally listed with a dual-class share construction that has allowed founder Evan Spiegel to take care of outsize voting energy.
Though dual-class shares have been criticised by the Securities and Change Fee, Mr Spiegel appears to be rising from all of it proper. In 2017 his complete compensation was $638m, making him possible the very best paid chief govt within the US final yr. Learn Tim Bradshaw’s story here for extra.
One query we might prefer to ask about Dropbox’s IPO: how will going public impression their famously gourmand workplace canteen?
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