Dropbox announced an IPO back in Feb, and today the cloud tech company updated its S-1 filing along with the pricing. The US-based cloud and storage giant said that it anticipated the price of its IPO between $16 and $18 per share and when it sells its 36,000,000 shares, the company will raise $648 million as “DBX” on the Nasdaq exchange.
There is more where this news comes from; the company also announced that it would be selling $100 million in stock to Salesforce, Dropbox’s new integration partner after the IPO at a price per share which will equal the initial offer price. However, there is no specific date regarding Dropbox’s listing this month.
The IPO pricing estimates the company’s value to fall between the range of $7-8 billion. Including the restricted stock units, making it the biggest tech IPO since Snap Inc last year, but still falls below $10 billion, because Dropbox raised $350 million in venture funding back in the year 2014.
Dropbox is one of the first few companies that helped bring about the concept of cloud storage to the masses by assisting people in saving pictures and documents right from mobile devices to personal computers. Riding on the wave of mobile devices, lightweight apps, and better internet conditions, Dropbox has changed the handling their data and taking it off their devices. Dropbox today and over 500 million users spread across over 180 countries.
Dropbox and Salesforce have recently joined hands and making Salesforce its new integration partner. The timing of this announcement along with the IPO gives Dropbox the final amount of not of confidence. Salesforce has staked its new business model around the new and upcoming market of cloud services.
This Salesforce move has been longterm coming. The company might get with the CRM tag, but the companies name is written in a cloud. So, it doesn’t come as a surprise that Salesforce wants to be a part of Dropbox.