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.
