Dropbox Inc. aims to raise as much as $648 million in its USA initial public offering.
Dropbox also plans a $100 million sale of stock to the venture capital arm of Salesforce, according to the filing.
Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest USA enterprise technology companies to list domestically in several years.
Dropbox co-founders Drew Houston and Arash Ferdowsi. At the high end of that range, Dropbox would have a market value of about $7.1 billion, based on the number of shares outstanding after the offering.
The company is marketing 36 million shares range from $16 to $18 apiece, according to a filing with the U.S. Securities and Exchange Commission Monday. Additionally, Salesforce Ventures, Salesforce's corporate investment group, has been an investor in Dropbox since 2014. 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. After the IPO only 2 percent of voting rights will be publicly traded as Class A shares, leaving existing shareholders still in control of the company.
The Class A shares carry one vote each, while its Class B shares carry 10 votes each.
Dropbox along with music streaming service company Spotify are the year's two most anticipated tech IPOs. The reverse split allows the company to set a higher IPO price without diluting insiders' valuation. It has more than 500 million registered users, including 11 million paying users. Last year the company grew revenues by 30% year over year but still lost $112 million, about half its 2016 loss and about a third of its 2015 loss. Their schedule begins with meetings in NY on Monday, then in Boston later this week, a person familiar with the schedule said. The company has applied to list the Class A common stock on the Nasdaq Global Select Market under the symbol "DBX".