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Dropbox aims to raise up to $648 million in IPO
12 March 2018, 06:38 | Kelvin Horton
Spotify last valued at $20 billion has a high bar to leap over when it holds its IPO
A series of funding rounds had valued Dropbox at US$10 billion, but investment bankers were doubtful about matching that valuation. Adding in the value of restricted stock units lifts the company's valuation to around $8 billion. The valuation as calculated from the filing is around $6.7 billion. At the high end of its offering size, it'd be the third-biggest IPO from an enterprise technology IPO in the past three years, according to data compiled by Bloomberg.
The expected price range is $16 to $18 per share, which means the company could raise a total of $612 million.
Dropbox also will reverse-split the current shares outstanding to inside investors at a ratio of 1.5 to 1.
In addition to the IPO, Dropbox announced a $100 million private placement with Salesforce Ventures, the venture capital arm of Salesforce.com Inc.
Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest US enterprise technology companies to list domestically in several years. Existing shareholders, including founders Drew Houston and Arash Ferdowsi, will offer another 9.2 million shares for sale, and the underwriters have an over-allotment option for 5.4 million more shares. Sequoia Capital, one of Dropbox's early investors, will own a 21.1 percent stake.
The San Francisco-based company has touted its business as a path to unleashing creative energy and inspired work. It has more than 500 million registered users, including 11 million paying users.
The San Francisco-based company reported $1.1 billion in revenue previous year, with a net loss of $111 million.
The company's net loss narrowed to $111.7 million in 2017 from $210.2 million in 2016.
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