Dropbox looks to raise $648 million in upcoming IPO


Lots of companies would be thrilled with that valuation, but Dropbox is one of those rare "decacorns", valued at $10 billion during its last private financing round.

Dropbox Inc. on Monday filed to go public, valuing the cloud storage company at up to $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.

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Dropbox announced in a filing on Monday that it plans to list 36 million shares when it goes public later this year.

The company has also revealed that Salesforce.com Inc.'s venture capital arm is set to buy an additional $100 million worth of stock immediately after the IPO. Dropbox is expected to begin trading on the Nasdaq stock market under ticker symbol "DBX" by the end of next week. Still, listing flops in 2017 from Snap Inc. and Blue Apron Holdings Inc. - who have both traded below their last private valuation - are fresh in investors' memories.

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The company also announced a reverse stock split of 1.5 to 1 for current inside investors. The company said it earned $1.1 billion in revenue past year, up from $603.8 million in 2015. It allows users to access their most important files from any device. It has more than 500 million users in more than 180 countries and reported around $1.1 billion in revenues in 2017, up from $845 million the previous year. While the company "has helped bring the concept of cloud storage services to the masses", the publication said, only around 11 million of its customers are paying users.

Goldman Sachs & Co, JPMorgan, Deutsche Bank Securities, BofA Merrill Lynch are the lead underwriters for the public offer. That being said, preliminary checks have already indicated that demand from investors for Dropbox shares will be strong.

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Again, that's a large improvement when you compare Dropbox's 2016 loss of $210 million in 2016 and $326 million in 2015.