Dropbox seeking to raise $500 million in stock market debut
24 February, 2018, 04:58 | Author: Lloyd Doyle
Now we know the first big tech company to go public in 2018.
Dropbox, one of technology's "unicorns", has filed for an initial public offering. Still, revenue growth has slowed and the vast majority of its more than 500 million users don't pay.
Dropbox said it plans to raise $500 million, but it didn't provide a price range, so it's not possible to know the potential valuation.
It raised almost $2 billion in venture capital and reportedly hit a $10 billion valuation on the private market in 2014.
Private investors have valued Dropbox, founded in 2007, at as much as $10 billion.
However, Dropbox warned on competition in the market, saying that "certain features of our platform compete in the cloud storage market with products offered by Amazon, Apple, Google, and Microsoft, and in the content collaboration market with products offered by Atlassian, Google, and Microsoft".
Dropbox woos users with a free version of its online file-storing service, then entices with premium features to upgrade to paid subscriptions.
The filing also said co-founder and Chief Executive Drew Houston (pictured) has 24.4 percent of voting power in the company. The main underwriters for the offering are Goldman Sachs Group Inc. and JPMorgan Chase & Co., though the filing lists many other participating banks: Deutsche Bank Securities, Allen & Co.
Dropbox said its shares will trade on the Nasdaq under the symbol "DBX". 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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If you are accessing this article on another domain, it was stolen and republished in violation of US & worldwide copyright law. Opus Point Partners Management Llc bought 5,742 shares as the company's stock declined 25.28% while stock markets rallied.
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