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. The IPO value is less than its 2014 funding round, when it was valued at $10 billion. The company will sell $100 million worth of shares to Salesforce.com's venture arm at the same time of its IPO. It doesn't make any money; it lost $111.7 million on $1.11 billion in revenue past year, and revenue growth has been declining.
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Salesforce and Dropbox are expanding their strategic partnership, integrating the customer relationship management (CRM) software vendor's platform with the cloud storage vendor's collaboration platform. There are 19 pre-IPO decacorns at present and many are watching with bated breath to see how Dropbox will perform, particularly in the aftermath of Snap's IPO in March 2017 and the volatile results that followed.
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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. Sequoia Capital, one of Dropbox's early investors, will own a 21.1 per cent stake. Investors are sure to have questions for the file-sharing technology leader as it embarks on its marketing roadshow. Dropbox says it has more than 500 million registered users, with 11 million of those paying for added features. That's part of why Dropbox isn't yet profitable.
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While Dropbox has not turned a profit since its 2007 founding, its revenue increased more 30 percent a year ago to $1.1 billion, up from $845 million in 2016. In the same period, the company's net losses shrank to US$112 million from US$210 million. 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. The company has applied to list the Class A common stock on the Nasdaq Global Select Market under the symbol "DBX".