Dropbox sets IPO price range, to sell stake to Salesforce

Dropbox sets IPO price range, to sell stake to Salesforce

Dropbox sets IPO price range, to sell stake to Salesforce

Dropbox, which plans to raise US$648 million at the top end of the range, expects its debut price to be between US$16 and US$18 per share, the company said in a filing. That's well behind the $10 billion that it was valued at during its last round of private financing in 2014.

Dropbox has set a preliminary price range for its initial public offering of shares, meaning net proceeds of around United States dollars 530 million for the cloud storage company. Adding in the value of restricted stock units lifts the company's valuation to around $8 billion.

Dropbox also agreed to sell $100 million in stock to Salesforce.com Inc.'s venture capital arm in a private placement concurrent with the IPO, the filing shows. After the IPO only 2 percent of voting rights will be publicly traded as Class A shares, leaving existing shareholders still in control of the company.

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Dropbox claims more than 500 million users in more than 180 countries, but the less-good news is that only about 11 million are paying for the privilege.

While the company is inching closer to profitability, Dropbox outlined in its deal prospectus its focus to get more of those users to pay up.

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

The company's net loss narrowed to US$111.7 million in 2017 from US$210.2 million in 2016.

Cloud-based storage and data sharing unicorn Dropbox has filed an amended Form S1 with the U.S. Securities and Exchange Commission (SEC) setting terms for the company's initial public offering (IPO).

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Goldman Sachs Group, JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering.

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