Business

Dropbox sees IPO price between $16 and $18 per share

Dropbox sees IPO price between $16 and $18 per share

The cloud-based file sharing company updated its S-1 form with the Securities and Exchange Commission (SEC) and revealed that it will offer 36 million shares priced between $16 and $18 a piece.

Web-storage company Dropbox Inc. set a valuation target between $7 billion and almost $8 billion ahead of its initial public offering, which is set to be one of the biggest tech IPOs in the past few years. The pricing of the IPO values the company at between $7 billion and $8 billion, making it the biggest tech IPO since Snap a year ago.

Additionally, Salesforce Ventures, Salesforce's corporate investment group, "has been an investor in Dropbox since 2014", so clearly the collaboration and synergy is at a much deeper level than the usual partnership announcement. Dropbox is expected to begin trading on the Nasdaq stock market under ticker symbol "DBX" by the end of next week.

As many tech companies continue to do after going public, Dropbox is still losing money, although the $112 million that it lost past year was an improvement from the $210 million it last in 2016. Only Salesforce and Dropbox know what the customer overlap looks like right now, but they'll be hoping the combined feature set of both services add up to an offering that attracts customers away from the competition.

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The company also announced a reverse stock split of 1.5:1 for its current private investors. Like Uber, the company has yet to turn a profit, having lost $111.7 million past year on revenues of $1.11 billion. Founded in 2007, Dropbox has more than 500 million registered users.

Goldman Sachs, JPMorgan Chase, Deutsche Bank and Allen & Co. are leading the offering. It also claims to have over 11 million paying users.

Again, that's a large improvement when you compare Dropbox's 2016 loss of $210 million in 2016 and $326 million in 2015. That being said, preliminary checks have already indicated that demand from investors for Dropbox shares will be strong.


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