Monday, 18 June, 2018

Dropbox files for IPO, values itself at $7 billion

Illustration The DropBox logo is seen in this illustration
Laurie Berry | 12 March, 2018, 18:42

Dropbox Inc. set terms for an initial public offering Monday that values the company as high as $8 billion.

The IPO will be a key test of Dropbox's worth after it was valued at nearly $10 billion in a private fundraising round in 2014. Including restricted stock units, the valuation would be about $7.6 billion.

The company is one of a class of well-funded, closely-watched technology companies that have achieved a private valuation of more than $1 billion. Still, listing flops in 2017 from Snap Inc. and Blue Apron Holdings Inc. - who have both traded below their last private valuation - are fresh in investors' memories.

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. The company said it earned $1.1 billion in revenue past year, up from $603.8 million in 2015. The company will sell $100 million worth of shares to Salesforce.com's venture arm at the same time of its IPO. 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.

George North takes centre stage on return as Wales thrash Italy
Castello got his head in a terrible position in the process and was knocked unconscious and correctly removed from play. While some questioned the validity of Italy's place in the championship following a 16th straight defeat.

Dropbox, which has 11 million paying users across 180 countries, said that about half of its 2017 revenue came from customers outside the United States. It doesn't make any money; it lost $111.7 million on $1.11 billion in revenue previous year, and revenue growth has been declining.

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's net loss narrowed to US$111.7 million in 2017 from US$210.2 million in 2016.

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