Dropbox files to raise $500 million in IPO

Dropbox files to raise $500 million in IPO

Dropbox files to raise $500 million in IPO

Meanwhile, Dropbox said it now has 11 million paying users, which is far less than the 500 million registered users who access its services for free. The company's last private valuation was $10 billion.

"While we're at scale, we can still move quickly", Dropbox co-founders Drew Houston and Arash Ferdowsi said in a letter to shareholders included in Friday's filing.

It had secretly filed to go public in early January. Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.

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The 11-year-old company's financials, revealed in a public filing, paint a picture of a firm with more than $1 billion in revenue, shrinking losses and roughly 11 million paying users.

The stock will trade on the Nasdaq exchange. In the same period, the company's net losses shrank to $112 million from $210 million. Goldman Sachs, J.P. Morgan, Deutsche Bank, Allen & Company and BofA Merrill Lynch are the joint bookrunners on the deal.

People familiar with the offering told the Wall Street Journal that Dropbox is expected to seek a public valuation of about $7 billion to $8 billion, making it the largest tech IPO since Snap in March 2017, but a far cry from its private valuation in 2014 of $10 billion.

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Dropbox hasn't yet disclosed how much of its stock will be sold in the IPO, nor the price for each share. The following year in 2017, it saved an additional $35.1 million in operating costs beyond the 2016 numbers. Clark's stock vests over five years.

The three earn base salaries of $400,000 and have cash bonuses with annual targets of $260,000.

"If you are going to do an IPO (initial public offering), you are in the window". Houston and Ferdowsi haven't previously received equity awards since they founded the company, the filing said. Reports circulated last month that Dropbox had already filed confidentially, but the paperwork is in and it's shedding some light on the file sharing company's profitability and customer base.

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