Data-sharing industry Dropbox on Monday filed for an preliminary public providing of 36 million stocks, giving the corporate a worth of greater than $7 billion at the upper finish of the variety.
Dropbox expects its debut worth to be between $16 and $18 in step with percentage, the corporate stated in a submitting.
The San Francisco-based corporate, which began as a loose carrier to percentage and retailer footage, tune and different huge files, competes with a lot greater era corporations similar to Alphabet’s Google, Microsoft and Amazon in addition to cloud-storage rival Box.
In its regulatory submitting with the Securities and Exchange Commission, Dropbox reported 2017 earnings of $1.11 billion, up 31 p.c from $844.eight million, a 12 months previous.
The corporate’s web loss narrowed to $111.7 million in 2017 from $210.2 million in 2016.
Dropbox, which has 11 million paying customers throughout 180 international locations, stated that about part of its 2017 earnings got here from consumers out of doors the United States.
The IPO might be a key check of Dropbox’s price after it was once valued at virtually $10 billion in a personal fundraising spherical in 2014.
Goldman Sachs, JPMorgan, Deutsche Bank Securities, BofA Merrill Lynch are the lead underwriters for the general public be offering.