Dropbox IPO to value business at $7bn


The cloud-based data storage provider released an amended S-1 filing for its IPO on Monday, after its first IPO filing was made on February 23, indicating a value of $7 billion to $8 billion once its IPO comes to market.

Fears were growing yesterday that investors are becoming anxious about big technology listings after Dropbox said that it would float at a lower valuation than had been expected.

The company is planning for its IPO to value shares between $16 and $18.

Additionally, the document filed by Dropbox said that Salesforce's ventures arm, Salesforce Ventures, had agreed to buy $100 million (£72.1 million) worth of Dropbox stock.

In a filing with the Securities and Exchange Commission, Dropbox said it's marketing 36 million Class A shares of common stock.

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If all the stock is sold at the higher suggested price, the sale will be the third-highest IPO from an enterprise technology company in the past three years. This partnership will enable companies to work together and connect with their customers across service, sales, commerce, marketing, etc. more deeply.

Additionally, Salesforce Ventures, Salesforce's corporate investment group, "has been an investor in Dropbox since 2014", so clearly the collaboration and synergy is at a much deeper level than the usual partnership announcement. While it claims to have 500 million users in 180 countries, it posted only 11 million paying clients at the end of a year ago.

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. Its revenue in 2017 was $1.1 billion, up 31% from the previous year.

The company's net loss narrowed to US$111.7 million in 2017 from US$210.2 million in 2016. This list includes the likes of Goldman Sachs, JPMorgan, Deutsche Bank, Allen, Merrill Lynch, RBC Capital Markets, Jefferies, Macquarie, Canaccord Genuity, JMP Securities, KeyBanc Capital Markets and Piper Jaffray.

Dropbox will trade on the Nasdaq stock market under the ticker symbol "DBX".

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