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.
Djokovic rues shock Indian Wells exit
While he targeted a comeback at the Madrid Masters in May, his quick recovery encouraged him to play at Indian Wells . World No. 3 Marin Cilic also won on Sunday, defeating Hungary's Marton Fucsovics in straight sets, 7-5, 6-3.
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.
England cricketer Ben Stokes denies affray charge
Fellow defendants Ryan Ali , 28, and Ryan Hale , 26, appeared in person at the court and also denied the charge. Stokes is due to play in the Indian Premier League after being sold for $1.9 million to the Rajasthan Royals.
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.
Scientology Ready to Launch Its Own TV Network
Request for comment from the Church of Scientology was not immediately returned, but a DirecTV spokesperson confirmed the Monday launch.