Competing with Alphabet’s Google, Microsoft Corp, Box Inc and Amazon.com Inc, in the cloud storage space, Dropbox Inc reported its 2017 revenue at $1.11 billion.
Dropbox Inc has filed for an initial public offering (IPO) of 36 million shares thus valuing the firm at more than $7 billion.
Its filing information shows that it expects its shares to debut in the range of $16 and $18 per share.
San Francisco-based Dropbox, competes with Alphabet’s Google, Microsoft Corp, Box Inc and Amazon.com Inc, in the cloud storage space.
According to its regulatory filing with the Securities and Exchange Commission (SEC), Dropbox reported its 2017 revenue at $1.11 billion, up by 31% from a year ago.
The company’s net loss narrowed to $111.7 million in 2017 from $210.2 million in 2016.
According to Dropbox, which has 11 million paying users across 180 countries, 50% of its 2017 revenue came from customers outside the U.S.
The IPO is likely to be a litmus test for the IT firm following its valuation of almost $10 billion in a private fundraising round in 2014.
Deutsche Bank Securities, Goldman Sachs & Co, BofA Merrill Lynch and JPMorgan are the lead underwriters for its public offer.