Dropbox, a leading web-based cloud storage and collaboration platform, raised the proposed deal size for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise $684 million by offering 36 million shares (25% insider) at a price range of $18 to $20, up from an original range of $16 to $18. At $20, the high end of the revised range, Dropbox will raise $720 million and command a fully diluted market value of $9.0 billion, an 18% increase over the original midpoint.
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.
