Cloud-based storage and data sharing unicorn Dropbox has filed an amended Form S1 with the U.S. Securities and Exchange Commission (SEC) setting terms for the company's initial public offering (IPO). At the high end of that range, Dropbox would have a market value of about $7.1 billion, based on the number of shares outstanding after the offering.
Additionally, Salesforce Ventures, Salesforce's corporate investment group, "has been an investor in Dropbox since 2014", so clearly the collaboration and synergy is at a much deeper level than the usual partnership announcement. Its venture arm, Salesforce Ventures, invests in enterprise cloud companies and it will be purchasing some $100m of Dropbox stock.
As a result, the IPO will be among the largest tech market debuts since Snap in March of 2017. Class C shares have no voting rights but may convert to Class A shares at any time.
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The Class A shares carry one vote each, while its Class B shares carry 10 votes each. The first integration will be the integration of the Commerce Cloud and Marketing Cloud with Dropbox wherein companies will be able to create customized Dropbox folders within Salesforce Commerce Cloud and Marketing Cloud with the new digital asset engagement offering. On a fully diluted basis including stock options, the mid-range of the IPO price range gives the company a market capitalisation of around Dollars 7.4 billion. It has more than 500 million registered users, including 11 million paying users. In the same period, the company's net losses dropped by almost $100 million. Their schedule begins with meetings in NY on Monday, then in Boston later this week, a person familiar with the schedule said. 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.
Goldman Sachs & Co, JPMorgan, Deutsche Bank Securities, BofA Merrill Lynch are the lead underwriters for the public offer.