Dropbox sees IPO price between $16 and $18 per share

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In an amendment to its February 23 S-1 filing, Dropbox said it will price shares at between $16 and $18 each and intends to raise up to $648 million.

Dropbox hopes to price the initial public offering of its stock between $16 and $18 per share, the company said today in an update to its IPO filing that would place it well below its $10 billion private valuation. Including restricted stock units, the valuation would be about $7.6 billion.

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This year has seen an early surge in public offerings with $8 billion of new stock sold in the U.S.in January alone, the biggest month since Alibaba raised $25 billion in its September 2014 IPO, according to data compiled by Bloomberg. The reverse split allows the company to set a higher IPO price without diluting insiders' valuation. The proceeds include Dollars 100 million from a concurrent private placement of shares at the same price as the IPO to Salesforce.

Dropbox company has touted its business as a path to unleashing creative energy and inspired work.

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The company had 11 million paying users and over 500 million registered users on December 31, 2017-just over 2% of its registered users pay Dropbox for the service. The company said it generates average revenue of $111.91 per paying user.

The S-1 form that Dropbox filed with the Securities and Exchange Commission showed that the company lost $111 million on revenue of $1.1 billion past year. 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, BofA Merrill Lynch, RBC Capital Markets, Jefferies and Macquarie Capital are the joint bookrunners on the deal. It plans to list on the Nasdaq under the symbol DBX.

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