SAN FRANCISCO (AP) - One of the world's largest online services for backing up documents, photos and other video is opening its files in an initial public offering of stock.
Dropbox is hoping to raise $500 million in an IPO that comes 11 years after it started in San Francisco. The company confidentially filed for its IPO in October, but the information didn't become publicly available until Friday.
The filing reveals Dropbox has lost more than $1 billion since its inception. That includes a loss of $112 million on revenue of $1.1 billion last year.
Dropbox boasts about 500 million registered users, but most of them don't pay for its service. Only 11 million users pay for premium version of Dropbox's service.
Dropbox still hasn't set the per-share price for its IPO.