Dropbox aims to raise $648m in forthcoming IPO

Drew Houston founder and chief executive officer of Dropbox attends the annual Allen & Company Sun Valley Conference

Dropbox, which plans to raise $648 million at the top end of the range, expects its debut price to be between $16 and $18 per share, the company said in a filing.

In addition to that, Dropbox announced that it will be selling $100 million in stock to Salesforce - its new integration partner - right after the IPO, "at a price per share equal to the initial offering price".

The companies also said that Salesforce will now use Dropbox Enterprise while Dropbox will substantially expand the use of Salesforce products such as Salesforce Marketing Cloud, PRM, and Service Cloud across its operations. There are 19 pre-IPO decacorns at present and many are watching with bated breath to see how Dropbox will perform, particularly in the aftermath of Snap's IPO in March 2017 and the volatile results that followed.

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 had 11 million paying users and over 500 million registered users on December 31, 2017-just over 2% of its registered users pay Dropbox for the service.


On the minus side, only around 11 million of those customers are paying users. But it's unprofitable, reporting a loss of $112 million in 2017.

Dropbox, the service once derided by Steve Jobs as merely a feature, but which has achieved stunning storage success while adding ever more features, benefits and strategic partnerships of its own, has done a deal with superlative CRM provider Salesforce.

So, wasn't there already a partnership between Salesforce and Dropbox?

Dropbox and Salesforce have been bedfellows before via the Dropbox for Salesforce app, and Salesforce has been an investor in Dropbox since 2014.

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