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Dropbox sets terms for $612 million IPO
12 March 2018, 06:40 | Cesar Cruz
Spotify last valued at $20 billion has a high bar to leap over when it holds its IPO
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.
A series of funding rounds had valued Dropbox at US$10 billion, but investment bankers were doubtful about matching that valuation.
The midpoint of those pricing estimates would value the company at $7.5 billion.
Dropbox aims to raise as much as $648 million (U.S.) in its USA initial public offering.
Dropbox also agreed to sell $100 million in stock to Salesforce.com's venture capital arm in a private placement concurrent with the IPO, the filing shows.
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This year has seen an early surge in public offerings with $8 billion of new stock sold in the U.S.in January alone, the biggest month since Alibaba raised $25 billion in its September 2014 IPO, according to data compiled by Bloomberg.
The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with much larger technology firms such as Alphabet's Google, Microsoft and Amazon as well as cloud-storage rival Box.
Dropbox 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. Last year the company grew revenues by 30% year over year but still lost $112 million, about half its 2016 loss and about a third of its 2015 loss.
Goldman Sachs Group, JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering.
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