A series of funding rounds had valued Dropbox at US$10 billion, but investment bankers were doubtful about matching that valuation.
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. On a fully diluted basis including stock options, the mid-range of the IPO price range gives the company a market capitalisation of around United States dollars 7.4 billion. Including restricted stock units, that range is $6.7 billion to $7.6 billion.
Ford Mustang Adds California Special, Rev-Matching Six-Speed Manual
Cabin-wise, those looking to get the California Special should expect black Miko suede seats with red stitching. Ford says that rev-match tech will "ensure smoother and more spirited day-to-day-driving".
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. Last week, the companies announced a partnership to integrate and sell Salesforce's customer relationship management technology with Dropbox's storage and collaboration tools. Existing shareholders, including founders Drew Houston and Arash Ferdowsi, will offer another 9.2 million shares for sale, and the underwriters have an over-allotment option for 5.4 million more shares.
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".
S.Korean envoys to brief Japan, China, Russia
Chung is visiting China to discuss his recent visit to North Korea, at which the two Koreas agreed to hold a summit next month. The South Korean government offered up another idea for where the USA and North Korea could hold talks this spring.
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 its regulatory filing with the Securities and Exchange Commission, Dropbox reported 2017 revenue of $1.11 billion, up 31 percent from $844.8 million, a year earlier. The company said it generates average revenue of $111.91 per paying user. In the same period, the company's net losses shrank to $112 million from $210 million.
Michigan State basketball to face Bucknell to open NCAA tournament
Michigan State will make its 21st consecutive appearance in the NCAA mens basketball tournament and their road begins in Detoit. Bucknell went 29-5 this season and won the Patriot League Tournament last week with an 83-54 win over Colgate.