Dropbox files for IPO, values itself at $7 billion
Dropbox files for IPO, values itself at $7 billion
The DropBox logo is seen in this illustration
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.
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.
This, however, failed to impress the party leadership, which chose to sack Drabu.The decision was later conveyed to Governor N.N. Sagar further alleged that Drabu is being used by the BJP, the ruling alliance partner of PDP.
She was accused of leaving children in her care alone at her illegally-run childcare operation while she ran errands. Almost a dozen parents testified against January Neatherlin, 32, as she appeared in court in OR on Friday, March 9.
The update also adds support to migrate application data as well as brings optimized full-screen gesture support (OP5T only). It brings the new auto pick up gesture, which will let you answer an incoming call by just raising the phone.
What's more, Blankfein and JPMorgan's Jamie Dimon are the only two remaining big bank CEOs from the 2008 financial crisis. However, Goldman Sachs has not commented on that report and its statement on Monday made no mention of Blankfein's plans.
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Khloe , 33, went to her social media to post pictures with her sister Kourtney , posing in front of a wall of pink roses. The venue was decorated with pink balloons, pink flowers and pink lights to add to the ambiance.
Stokes and Hales will also face an European Central Bank disciplinary hearing once the criminal proceedings have concluded. Stokes is due to play in the Indian Premier League after being sold for $1.9 million to the Rajasthan Royals.
It is this restrained style that continued to endear his creations to the royalties and socialites of the world. The designer's nephews and nieces, and their children, share Mr Venet's grief, his statement added.
His carefully guarded private life received an unwelcome airing in 1989 when he endured a five-week trial accused of tax fraud. He passed away peacefully at his home in Liverpool just 48 hours after he married his partner of 40 years, Anne Jones .
In one case, Rohingya villagers who had remained in Myanmar were forcibly evicted to make way for a base, it said. The authorities can not be allowed to continue their campaign of ethnic cleansing in the name of "development".
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