Dropbox valued at $8B ahead of high-profile IPO, filing says

Annual Allen And Co. Investors Meeting Draws CEO's And Business Leaders To Sun Valley Idaho

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. Including restricted stock units, that range is $6.7 billion to $7.6 billion. In early 2015, a series of fundraising gave the company a valuation of approximately $10 billion.

The company plans to sell 36 million shares of Class A stock at between $16 and $18, bringing in as much as $648 million, according to the filing with the Securities and Exchange Commission.

Dropbox has gotten a vote of confidence from one major investor, announcing Monday that Salesforce will purchase $100 million of its shares in a private placement that will occur immediately after the IPO closes. The company's say this will enable companies of all types and sizes to collaborate and more deeply connect with their customers across sales, service, marketing, commerce, and more. Existing shareholders, including founders Drew Houston and Arash Ferdowsi, will offer another 9.2 million shares for sale, and the underwriters have an over-allotment option for 5.4 million more shares. However, later that year, investor Fidelity Investments slashed the estimated worth of Dropbox by nearly 20%.

The San Francisco-based company has touted its business as a path to unleashing creative energy and inspired work.

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According to its IPO prospectus it has more than 500m registered users across 180 countries.

The terms announced on Monday effectively kick off the company's roadshow, where executives and bankers will market the deal to investors.

Dropbox had revenue of $603.8 million in 2016, and that grew to $844.8 million in 2016 and $1.1068 billion in 2017. The company posted revenue of $1.1 billion on a net loss of $111.7 million.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering. Dropbox is expected to begin trading on the Nasdaq stock market under ticker symbol "DBX" by the end of next week.

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