Dropbox sets terms for $612 million IPO
Dropbox, a web-based cloud storage provider, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $612 million by offering 36 million shares (25% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Dropbox would command a fully diluted market value of $7.6 billion.
Dropbox has raised $625 million privately, including a January 2014 Series C round at $28.65 per share at a valuation of $10 billion.
Dropbox was founded in 2007 and booked $1.1 billion in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol DBX. 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. It is expected to price during the week of March 19, 2018.
The article Dropbox sets terms for $612 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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