Sci-tech

Dropbox aims to raise up to $648 million in IPO

Dropbox aims to raise up to $648 million in IPO

Silicon Valley darling Dropbox Inc.is aiming to go public at a valuation well below the US$10 billion it clocked in its last private funding round, despite posting healthy revenue growth and turning cash-flow positive in the intervening four years. At the midpoint of the proposed range, Dropbox would command a fully diluted market value of $7.6 billion.

Monday's SEC filing, which also mentioned the sale of $100 million in stock to the venture capital division of Salesforce.com, begins a period in which bankers and Dropbox executives will market shares. Last week, the companies announced a partnership to integrate and sell Salesforce's customer relationship management technology with Dropbox's storage and collaboration tools.

San Francisco-based Dropbox is aiming to raise as much as US$648 million in its U.S. IPO, marketing 36 million shares of Class A common stock for US$16 to US$18 apiece, according to the filing with the U.S. Securities and Exchange Commission. There are 19 pre-IPO decacorns at present and many are watching with bated breath to see how Dropbox will perform, particularly in the aftermath of Snap's IPO in March 2017 and the volatile results that followed.

Class A shares will represent 2 percent of the voting power, while Class B shares - held by Houston and Ferdowsi as well as Sequoia Capital and T. Rowe Price - will account for 98%.

The pair started Dropbox in 2007.

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"With two-way workflows, content stays relevant and up-to-date, whether the user is working in Dropbox or Salesforce", the companies said in a joint statement.

Dropbox became a leader in storing and sharing documents, photos and files online.

According to Nasdaq, there has been a major rise in what it calls "decacorn" companies, or firms valued at more than $10bn moving up the ranks. That's part of why Dropbox isn't yet profitable. That technique essentially allows Dropbox to set a higher per-share price in its IPO without changing the economics of its previous owners or the company as a whole. In the same period, the company's net losses dropped by almost $100 million.

Goldman Sachs, J.P. Morgan, Deutsche Bank, Allen & Co., and Bank of America are managing the offering.


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