Dropbox valued at $8B ahead of high-profile IPO, filing says

Jeannie Matthews
March 12, 2018

That's well behind the $10 billion that it was valued at during its last round of private financing in 2014.

In a filing with the SEC, Dropbox said it will sell 26.8 million Class A shares at United States dollars 16-18 each.

Salesforce Ventures LLC has entered into an agreement with the company pursuant to which it has agreed to purchase $100,000,000 of Class A common stock in a private placement at a price per share equal to the initial offering price.

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.

According to data compiled by Bloomberg, Dropbox would be the third-biggest IPO from an enterprise technology company in the last three years and the largest tech offering since Snap's IPO last year.

In the latest prospectus, the company sounded confident: "We believe the need for our platform will continue to grow as teams become more fluid and global, and content is increasingly fragmented across incompatible tools and devices". Class A shares will have about 2% of voting power and Class B shares about 98%.

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The company also announced a reverse stock split of 1.5-to-1 for current inside investors.

"Dropbox will also add support for Quip documents, allowing joint users to work on Quip files that live in Dropbox, furthering Dropbox's effort to build a unified home for work", the companies said.

Dropbox, a web-based cloud storage provider, announced terms for its IPO on Monday. Their schedule begins with meetings in NY on Monday, then in Boston later this week, a person familiar with the schedule said.

The company will not receive any of the proceeds from the sale of the shares being sold by the selling stockholders.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering. Dropbox will be listed on the Nasdaq exchange under the symbol DBX. Its content is produced independently of USA TODAY.

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