Dropbox reins in valuation goals with IPO target of $7 billion
12 March, 2018, 17:13 | Author: Sammy Rose
The San Francisco, CA-based company plans to raise $612 million by offering 36 million shares (25% insider) at a price range of $16 to $18.
While the Class A shares have little voting power, they indicate the company values itself at about $8 billion -a bit less than the $10 billion level it touted in private funding efforts almost four years ago. The company also announced a $100 million private placement by Salesforce Ventures.
Dropbox, which quietly filed for the IPO in January, offers customers cloud-based web service for file storage.
Dropbox was founded in 2007 and booked $1.1 billion in sales for the 12 months ended December 31, 2017. That's lower than the $10 billion Dropbox was reportedly valued at on the private market. At the high end of its offering size, it'd be the third-biggest U.S. IPO from an enterprise technology company in the past three years, according to data compiled by Bloomberg.
Salesforce is also going to be a part of the initial offering. This will allow customers to create customised and branded folders in the two Salesforce cloud services, while the integration should allow a company to easily work with firms on the same platform.
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Amazon.com, Inc. (AMZN) CEO Sells 250 Shares of Stock
Kornitzer Mgmt Inc Ks reported 35,502 shares or 0.6% of all its holdings. 33,940 are owned by Mason Street Ltd Liability Co. Cubist Systematic Strategies Limited Company holds 0.05% of its portfolio in Bunge Limited (NYSE:BG) for 12,814 shares.
Chief Executive Officer and co-founder Drew Houston will hold 22 per cent of the shares outstanding after the offering, or 24 per cent of the voting power, according to the filing.
Dropbox became a leader in storing and sharing documents, photos and files online. While it claims to have 500 million users in 180 countries, it posted only 11 million paying clients at the end of previous year.
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.
The company had 11 million paying users and over 500 million registered users on December 31, 2017-just over 2% of its registered users pay Dropbox for the service.
Dropbox will list on the Nasdaq under the stock ticker DBX. In the same period, the company's net losses shrank to US$112 million from US$210 million.
Wishing Khloe and Tristian the best and hoping for a easy delivery of their baby girl , due sometime in April! Her baby daddy, Tristan, joined the clan of women in a Louis Vuitton denim jacket and a white tee.
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Crucially however, the rumoured MacBook is set to have a price closer to that of the current generation of 13-inch MacBook Airs. The report doesn't mention an actual launch date for the new laptop, but a WWDC 2018 launch certainly makes sense.
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This newspaper covered the pre-Six Nations statement that referees would allow greater licence to "jackalling" players. France , who had lost nine of their previous 11 Six Nations meetings against England , were well aware of this.
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