Published: Tue, March 13, 2018
Markets | By Noel Gibbs

Dropbox sets IPO Target Valuation up to $8 Billion

Dropbox sets IPO Target Valuation up to $8 Billion

Dropbox Inc on Monday filed to go public, valuing the cloud storage company at up to US$7.1 billion, almost a third below a valuation three years ago, as concerns rose that it was not growing fast enough to justify a loftier price tag.

The company sees its IPO price between $16 and $18 a share, and is selling 26.8 million Class A shares, with current investors offloading another 9.18 million. On a fully diluted basis including stock options, the mid-range of the IPO price range gives the company a market capitalisation of around United States dollars 7.4 billion.

The venture capital arm of Inc (CRM.N) has agreed to buy $1 million of Dropbox's Class A common stock in a private placement at a price per share equal to the IPO.

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Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest U.S. enterprise technology companies to list domestically in several years. The company will be listed on the Nasdaq exchange under the ticker "DBX", according to filing.

The company is one of a class of well-funded, closely-watched technology companies that have achieved a private valuation of more than $1 billion. Data from Dealogic indicates that the Dropbox IPO would be the biggest tech IPO since Snap's offering a year ago.

The San Francisco-based company reported $1.1 billion in revenue previous year, with a net loss of $111 million.

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Dropbox has over 500 million registered users across more than 180 countries globally, but only 11 million of those users are paying. Those shares will be sold at the final IPO price and will be subject to a lockup period. And Salesforce has been an investor in Dropbox since 2014, so a closer relationship between the two cloud firms is not surprising. Despite the losses, the company is free-cash-flow positive and expects the cash it currently has to be enough to support its cash needs right now.

The Class A shares carry one vote each, while its Class B shares carry 10 votes each.

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