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Dropbox files for public stock offering of $500 mln

24 February 2018

Like many high-growth companies going public, Dropbox continues the lose money, the SEC filing revealed.

In a filing with the Securities and Exchange Commission on Friday, Dropbox said it planned to raise up to $500 million in the offering, and meant to use the money for a variety of purposes, including potential acquisitions.

Dropbox competes with Box and Atlassian, two business-software companies valued on the public markets at $3.17 billion and $12.37 billion as of Friday afternoon. But the losses are shrinking each year as revenue climbs.

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Dropbox, which was last valued at $10 billion in a 2014 venture-capital round, will list on the Nasdaq under the symbol DBX. Dropbox also reported $305 million in positive free cash flow a year ago. The initial stock price is likely to be set closer to the date it debuts on the markets, which is still unclear.

Unlike some other cloud companies that have needed to hire big sales forces to sell to large enterprise customers, Dropbox has managed to avoid that cost, at least so far. The company said it generates average revenue of $111.91 per paying user.

The amount of money a company says it plans to raise in its first IPO filing is usually a temporary placeholder.

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While Dropbox has been touting its scale - with more than 500 million registered users - and the fact that it is cash-flow positive, the filing gives a more in-depth look at its financials. Only 11 million users pay for premium version of Dropbox's service.

Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest US enterprise technology companies to list domestically in several years. The company employed 1,858 people as of the end of 2017. Unlike many online publications, we don't have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic. Goldman Sachs, J.P. Morgan, Deutsche Bank, Allen & Company and BofA Merrill Lynch are the joint bookrunners on the deal.

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Dropbox files for public stock offering of $500 mln