Dropbox aims to raise $748m through IPO

Spotify last valued at $20 billion has a high bar to leap over when it holds its IPO

In an amendment to its February 23 S-1 filing, Dropbox said it will price shares at between $16 and $18 each and intends to raise up to $648 million.

The company plans to sell 36 million shares of Class A stock at between $16 and $18, bringing in as much as $648 million, according to the filing with the Securities and Exchange Commission.

The valuation, on a fully diluted basis, is about 20% below the $10-billion level the company achieved in its latest private funding round in 2014. Including restricted stock units, that range is $6.7 billion to $7.6 billion. That technique essentially allows Drobox to set a higher per-share price in its IPO without changing the economics of its previous owners or the company as a whole.

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Dropbox also agreed to sell $100 million in stock to Salesforce Ventures in a private placement "at a price per share equal to the initial offering price", the filing revealed.

Dropbox company has touted its business as a path to unleashing creative energy and inspired work.

The S-1 form that Dropbox filed with the Securities and Exchange Commission showed that the company lost $111 million on revenue of $1.1 billion a year ago. While it claims to have 500 million users in 180 countries, it posted only 11 million paying clients at the end of a year ago.

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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 $111.7 million in 2017 from $210.2 million in 2016. Instead, the company's shareholders will most likely see the value of their shares fall when Dropbox, under ticker symbol DBX, begins trading on the Nasdaq.

Goldman Sachs & Co, JPMorgan, Deutsche Bank Securities, BofA Merrill Lynch are the lead underwriters for the public offer.

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