Dropbox IPO aims to raise $748-million

Drew Houston founder and chief executive officer of Dropbox attends the annual Allen & Company Sun Valley Conference

Dropbox has set a preliminary price range for its initial public offering of shares, meaning net proceeds of around United States dollars 530 million for the cloud storage company. Including restricted stock units, the valuation would be about $7.6 billion.

"The company could always perform unusually well when trading opens - a 40 percent to 60 percent "pop" on opening day would lift the company back up to its prior valuation - but that's a big gamble", Recode said, adding that "shareholders will most likely see the value of their shares fall" when trading begins. Still, listing flops in 2017 from Snap Inc. and Blue Apron Holdings Inc.

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. At the high end of its offering size, it'd be the third-biggest IPO from an enterprise technology IPO in the past three years, according to data compiled by Bloomberg. This partnership will enable companies to work together and connect with their customers across service, sales, commerce, marketing, etc. more deeply.

The pair started Dropbox in 2007.

Dropbox also will reverse-split the current shares outstanding to inside investors at a ratio of 1.5 to 1.

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The San Francisco-based company, which says it has over 500 million users, is expected to go public this week.

While Dropbox has not turned a profit since its 2007 founding, its revenue increased more 30 percent previous year to $1.1 billion, up from $845 million in 2016.

The terms announced on Monday effectively kick off the company's roadshow, where executives and bankers will market the deal to investors.

In its regulatory filing with the Securities and Exchange Commission, Dropbox reported 2017 revenue of $1.11 billion, up 31 percent from $844.8 million, a year earlier. In the same period, the company's net losses shrank to US$112 million from US$210 million. This list includes the likes of Goldman Sachs, JPMorgan, Deutsche Bank, Allen, Merrill Lynch, RBC Capital Markets, Jefferies, Macquarie, Canaccord Genuity, JMP Securities, KeyBanc Capital Markets and Piper Jaffray.

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