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Dropbox Sets IPO Target Valuation at $7 Billion to $8 Billion

13 March, 2018, 12:06 | Author: Kristi Dunn
  • Dropbox Sets IPO Target Valuation at $7 Billion to $8 Billion

Investors, analysts and - perhaps most importantly - other big privately held tech companies will be closely watching Dropbox's initial public offering to see how interested investors are in the latest batch of so-called unicorns.

In a filing with the SEC, Dropbox said it will sell 26.8 million Class A shares at Dollars 16-18 each. At the midpoint of that range, based on a fully diluted share count, its valuation would be $7.4 billion, well below the $10 billion valuation where the company had raised private capital in 2014. The cloud storage company will start trading on the NASDAQ using the ticker symbol "DBX". With Spotify also headed toward an IPO in the coming weeks, investors will get to render a verdict on whether private investors drove the valuations of these companies too high as the companies' sought to remain private. In the same period, the company's net losses shrank to $112 million from $210 million.

"Dropbox will also add support for Quip documents, allowing joint users to work on Quip files that live in Dropbox, furthering Dropbox's effort to build a unified home for work", the companies said.

Salesforce Ventures will buy $100 million in Dropbox stock when it goes public, according to a Dropbox filing. Box, which also is not profitable, went public in 2015.

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Dropbox's Monday filing kicked its investor roadshow into high gear touting the IPO.

While Dropbox has not turned a profit since its 2007 founding, its revenue increased more 30 percent previous year to $1.1 billion, up from $845 million in 2016.

"Dropbox's S-1 form Dropbox that it filed with the Securities and Exchange Commission showed that it lost $111 million on revenue of $1.1 billion a year ago", said BI. It offers a range of subscription plans, beginning with a free service, with 11 million paying customers.

Houston is the largest shareholder and will retain 24 percent of Dropbox after selling 2.3 million shares in the offering. Sequoia Capital, an early investor in the company, will have a stake worth more than 20 percent.



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