Dropbox files IPO as $DBX on Nasdaq, service has 500 million users

Posted February 24, 2018

One of the world's largest online services for backing up documents, photos and other video is opening its files in an initial public offering of stock.

"We estimate that approximately 300 million of our registered users have characteristics - including specific email domains, devices, and geographies - that make them more likely than other registered users to pay over time", the company said in the filing.

The documents revealed earnings figures for Dropbox, showing it had generated $1.1bn in revenue in 2017, up 30pc on 2016, helping its net losses to narrow to $112m from $210m. That will occur during the next few weeks as its bankers gauge investor demand.

Its valuation based on recent funding in the group stands at around $10 billion, making Dropbox one of the biggest Silicon Valley venture-backed "unicorns", or startups with a private valuation of more than $1 billion. First Data Corp. went public at a market value of about $14 billion in 2015 - the biggest such IPO in the past five years.

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

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"It has always been important to me and to Arash (Ferdowsi) to create a company with a diverse team and where everyone feels welcome", says Dropbox CEO Drew Houston. 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. The company plans to list on Nasdaq Global Select Market under the symbol DBX.

Dropbox hasn't yet disclosed how much of its stock will be sold in the IPO, nor the price for each share.

In the company's registration for the IPO, it said it granted about $190 million in stock awards to three top executives previous year. It doubled that in two years, to 11 million.

"If you are going to do an IPO (initial public offering), you are in the window". Chief Strategy Officer Imran Khan got a grant of stock worth about $100 million.