Dropbox aims to raise up to $748m in IPO, salesforce pact

Dropbox Sets IPO Target Valuation at $7 Billion to $8 Billion

San Francisco-based Dropbox is aiming to raise as much as $648 million in its U.S. IPO, marketing 36 million shares of Class A common stock for $16 to $18 apiece, according to the filing with the U.S. Securities and Exchange Commission. At the midpoint of that range, the company would be valued at roughly $7.5 billion, factoring in restricted stock units and options.

Dropbox, a web-based cloud storage provider, announced terms for its IPO on Monday.

The goal is to have these shares listed on the Nasdaq Global Select Market under the symbol "DBX".

"It's a high-quality asset that was overpriced", Venky Ganesan, a venture capitalist at Menlo Ventures, said of Dropbox. This will allow Dropbox to set a higher IPO price per share without causing disruption among its current investors. Last year the company grew revenues by 30% year over year but still lost $112 million, about half its 2016 loss and about a third of its 2015 loss.

Monday's filing preceded Dropbox's road show to pitch its offering to potential investors.

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All disruptive activities in the state would be handled firmly; development and positive activities of the government would automatically curb violence", said Deb.

As many tech companies continue to do after going public, Dropbox is still losing money, although the $112 million that it lost a year ago was an improvement from the $210 million it last in 2016.

Dropbox points out that there are also Class B and Class C shares that won't be available for trade.

Dropbox's business has grown rapidly the past three years, reaching $1.1 billion in sales last year.

Despite its progress and four years of growth, Dropbox's financial performance still does not justify its 2014 valuation, some investors say. It offers a range of subscription plans, beginning with a free service, with 11 million paying customers.

Chief Executive Officer and co-founder Drew Houston will hold 22 percent of the shares outstanding after the offering, or 24 percent of the voting power, according to the filing. Sequoia Capital is the largest shareholder among outside investors, with about a 25 percent stake.

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