Dropbox sets terms for $612 million IPO

Spotify last valued at $20 billion has a high bar to leap over when it holds its IPO

Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest USA enterprise technology companies to list domestically in several years. Including restricted stock units, the valuation would be about $7.6 billion.

Dropbox has announced plans to list 36 million shares when it goes public later this year.

The company is one of a class of well-funded, closely-watched technology companies that have achieved a private valuation of more than $1 billion.

Dropbox also agreed to sell $100 million in stock to Salesforce.com's venture capital arm in a private placement concurrent with the IPO, the filing shows. That means the company is seeking to raise up to $648 million, or £467 million, from its public listing.

The company has adopted a three-tier share system in which co-founders Arash Ferdowsi and Drew Houston own a majority of the Class B shares that have no financial rights but have 10 votes for every Class A share vote.

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The San Francisco-based company has touted its business as a path to unleashing creative energy and inspired work.

Meanwhile, Dropbox said it now has 11 million paying users, which is far less than the 500 million registered users who access its services for free.

In the latest prospectus, the company sounded confident: "We believe the need for our platform will continue to grow as teams become more fluid and global, and content is increasingly fragmented across incompatible tools and devices".

The San Francisco-based company reported $1.1 billion in revenue past year, with a net loss of $111 million.

The company's net loss narrowed to $111.7 million in 2017 from $210.2 million in 2016. Instead, the company's shareholders will most likely see the value of their shares fall when Dropbox, under ticker symbol DBX, begins trading on the Nasdaq.

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