Dropbox Expects To Price IPO In $16-$18/shr Range

Illustration

Dropbox, the provider of a cloud-based platform that enables users to store and share content, said in a new S-1 filing that it plans to sell 36 million Class A shares at $16 to $18 apiece. At the high end of that range, Dropbox would have a market value of about $7.1 billion, based on the number of shares outstanding after the offering.

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.

Dropbox also revealed that it had sold $100 million worth of stock to Salesforce Ventures in a private transaction.

Silicon Valley darling Dropbox Inc.is aiming to go public at a valuation well below the US$10 billion it clocked in its last private funding round, despite posting healthy revenue growth and turning cash-flow positive in the intervening four years.

Dropbox and Salesforce have announced that they have formed a partnership that will entail connecting the latter's CRM platform with Dropbox's collaboration platform.

Chief Executive Officer and co-founder Drew Houston will hold 22 per cent of the shares outstanding after the offering, or 24 per cent of the voting power, according to the filing.

Twitter blocks accounts for "tweetdecking"
In the latest attempts to clean up its platform, Twitter has suspended a number of accounts for trying to game the system. This means that even if their accounts are restored, violating the spam policy will be grounds for permanent deletion.

Seoul envoy in China for talks on North Korea developments
Trump and Kim have agreed to meet by the end of May, although they have yet to confirm a date or time. Chung first met with Chinese State Councilor Yang Jiechi.

WWE star Jeff Hardy arrested for driving while impaired in Cabarrus County
In 2008, he won the WWE's World Heavyweight Championship twice and the TNA World Heavyweight Championship three times. Hardy, who has been in and out of WWE since the 1990s, underwent surgery to fix a torn rotator cuff in October.

The cloud storage company Dropbox was founded in 2007.

Dropbox company has touted its business as a path to unleashing creative energy and inspired work. Investors are sure to have questions for the file-sharing technology leader as it embarks on its marketing roadshow.

More than 500 million people have signed up for Dropbox, but only 2% pay for subscriptions.

The company first confidentially filed for an IPO at the start of the year.

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

According to Nasdaq, there has been a major rise in what it calls "decacorn" companies, or firms valued at more than $10bn moving up the ranks. Goldman Sachs, J.P. Morgan, Deutsche Bank, Allen & Company, BofA Merrill Lynch, RBC Capital Markets, Jefferies and Macquarie Capital are the joint bookrunners on the deal.

Related:

  • BeyoncĂ© and Jay-Z will unite for 'On the Run 2' tour

    Beyoncé and Jay-Z will unite for 'On the Run 2' tour

    Rumours had been flying that the couple, who last toured together in 2014, would be bringing their 'On The Run' tour back. Tickets will go on sale to the general public starting Monday, March 19, at LiveNation.com and all usual outlets.
    Bose Reveals AR Audio Platform

    Bose Reveals AR Audio Platform

    Bose has forayed into the augmented reality domain with the Bose AR - the first audio augmented reality platform in the world. The first prototype glasses are Bluetooth compatible for calls or to integrate with Siri or Google Assistant.
    RB Leipzig's Timo Werner tells Liverpool and

    RB Leipzig's Timo Werner tells Liverpool and

    Werner's stock has been on the ascendancy ever since his move to RB Leipzig from boyhood club Vfb Stuttgart in the summer of 2015. The 22-year-old Germany worldwide has attracted interest from major clubs in Europe.
  • Express Scripts (ESRX) Raised to Buy at BidaskClub

    The Capital Research Global Investors holds 13.42 million shares with $849.81 million value, down from 13.85 million last quarter. The stock of Express Scripts Holding Company (NASDAQ:ESRX) earned "Outperform" rating by Leerink Swann on Monday, October 5.

    Trump's belittling of allies is unworthy of a USA president

    Will the tariffs apply now? Republican leaders in the US are also reportedly calling on Trump to reconsider the plan. Trade Representative Robert Lighthizer said the U.S. wants to get a deal done in the next four to six weeks.
    Iranian FM In Pakistan For Political, Economic Talks

    Iranian FM In Pakistan For Political, Economic Talks

    Zarif, who arrived early Monday morning, received a warm welcome by senior officials of the Foreign Ministry at Islamabad airport. Iran and Pakistan seek to increase bilateral trade volume to nearly five billion dollars per year.
  • Andrew Liveris to Step Down as DowDuPont's Executive Chairman

    Andrew Liveris to Step Down as DowDuPont's Executive Chairman

    Fitterling, 56, joined Dow Chemical in 1984 and headed a series of units, including packaging and specialty plastics. He is set to relinquish the role of executive chairman on April 1 and step down from the company's board in July.
    Ford Mustang Brings Back California Special

    Ford Mustang Brings Back California Special

    Besides the paint job, today's reiteration of the California Special Mustang involves a fair share of technology. Cabin-wise, those looking to get the California Special should expect black Miko suede seats with red stitching.

    UBS Decides to Upgrade GlaxoSmithKline (NYSE:GSK). Will Other Analysts Follow Suit?

    TheStreet downgraded GlaxoSmithKline from a "b-" rating to a "c" rating in a research note on Wednesday, February 7th. Finally, Advisory Services Network LLC raised its stake in shares of GlaxoSmithKline by 24.2% during the 2nd quarter.
  • Retail inflation soften, industrial production grows

    Retail inflation soften, industrial production grows

    Experts suggest the consistent growth in the industrial production could boost the overall economic growth in the fourth quarter. The Consumer durables and Consumer non-durables have recorded growth of 8.0percent and 10.5% respectively.

    France win over United Kingdom hands Ireland title

    A tight opening half was a nervy affair littered with infringements, be they by France at the scrum or England at the breakdown. Machenaud booted his fourth penalty going into the final quarter, a raft of replacements boosting France's momentum.

    (CMCSA) Position Boosted by Brightworth

    It dropped, as 53 investors sold CMCSA shares while 517 reduced holdings. 115 funds opened positions while 470 raised stakes. Meag Munich Ergo Kapitalanlagegesellschaft Mbh reported 1.39% of its portfolio in Comcast Corporation (NASDAQ: CMCSA ).

Comments

Latest news

Sereno refuses to resign; says she'll fight 'til the end
I am determined to wage, 'til the logical end, this battle started by those who seek to undermine the Constitution and the judiciary.

Richard Sherman reveals 'vengeful' 49ers signing
Richard Sherman, healthy, would immediately ascend to the top of San Francisco's starting cornerback spots. Sherman, along with Michael Bennett, were two quick casualties of the franchise shake-up.

Philips Hue is getting new outdoor options to light up your garden
The first is the Hue Lily , which is a spotlight that can be used to draw attention to certain parts of your outdoor area. Once connected to a standard Philips Hue hub, the lights can be controlled through the Hue app or a voice assistant.

Ted Cruz, Beto O'Rourke win US Senate primaries
O'Rourke won his party's nomination last Tuesday but only received 61.8% support among Democrats. The first mudslinging in the Texas Senate race has begun with Sen.

Himanta presents Assam's first e-budget with no new tax proposal
In relief to small tea growers, the budget proposes to exempt specified land cess on green tea leaves. For the first time in Assam, the state budget was presented in the electronic format.

Famed French fashion designer Givenchy dies at 91
Givenchy is survived by his partner Philippe Venet and his family has asked that instead of flowers, mourned donate to Unicef in his name.

Governor Vohra approves Finance Minister Drabu's removal
Marking its dissent against the statements of Drabu, the ruling PDP said the issue in Kashmir has "always remained" political. The PDP's chief spokesperson Rafi Ahmad Mir warned of action against Drabu if he did not retract his statement.

Real Madrid meet with Neymar's father and know the asking price
Ronaldo then netted the victor in the 84th minute to keep Real's slim LaLiga title hopes alive. Ronaldo used his chest to control Modric's pass before scoring.

Woman's act of kindness for Waffle House customer goes viral
Despite being busy with work, Evoni took his plate without any hesitation and began dividing his food into smaller pieces. When Evoni served him his meal, a customer overheard him explaining how his hands no longer work very well.

Khloe Kardashian's extravagant baby bash
Khloe Kardashian's baby girl will be born with several silver spoons, dripping in Versace and other designer names. Wishing Khloe and Tristian the best and hoping for a easy delivery of their baby girl , due sometime in April!

McLaren previews upcoming Hyper-GT
Speaking at the 2018 Geneva Motor Show , CEO of McLaren Automotive, Mike Flewitt revealed more details about the latest hypercar. Just 106 examples of the BP23 will be made, although that's not the name the final auto will carry.

Asia, Middle East lead rising trends in arms imports
Arms imports to the Middle East have doubled over the past 10 years, fuelled by war and conflict in the region, said the study. The U.S. negotiated a package of about $110 billion in arms sales during Trump's visit to Saudi Arabia in May previous year .

ICC Women's Champ: Australia beat India by 8 wickets
Bowler Pooja Vastrakar along with wicket-keeper batswomen Sushma Verma put 76-run partnership for the eighth wicket. Shikha Pandey sent Healy back for a 29-ball 38, which included six fours and a six, but there was little respite.

Apple to Launch New Entry-Level MacBook Soon
The MacBook, meanwhile, has a 12-inch display with 2304 x 1440 resolution. Apple will pack its future MacBook Air 2018 with the new Retina Display.

Bhushan Kumar & Luv Ranjan announce collaboration on multiple films post SKTKS success
When Luv Ranjan was asked about SKTKS' success, he told Indian Express, "I am more than happy with the film's performance". Audiences everywhere are loving Kartik Aaryan in his chocolate boy avatar and can't seem to get enough of the film.

Other news