Dropbox, a US-based cloud collaboration platform backed by enterprise software provider Salesforce, filed on Friday to raise up to $500m in an initial public offering on the Nasdaq Global Select Market.
Dropbox has created a cloud-based file storage and sharing platform with more than 500 million registered users, more than 11 million of which pay for subscriptions. It cut its full-year losses from $210m to $112m in 2017 while growing revenue from $845m to $1.1bn.
The offering will follow more than $600m in equity funding in addition to $1.1bn in debt financing from banks including JP Morgan, Bank of America, Deutsche Bank, Goldman Sachs, Macquarie and Royal Bank of Canada.
The most recent of those equity rounds was a $350m round in 2014 featuring Allen & Company, Goldman Sachs and Morgan Stanley, Sequoia Capital, BlackRock and T. Rowe Price that valued Dropbox at $10bn.
Sequoia Capital is the company’s largest shareholder, with a 23.2% stake. Salesforce has not revealed when it invested in Dropbox and its stake is not listed on the IPO filing, meaning it holds less than 5% of the company’s shares, but Accel owns 5% and T. Rowe Price 3.5%.
Benchmark, Greylock Partners, Index Ventures, Institutional Venture Partners, RIT Capital Partners and Valiant Capital Partners are also shareholders in Dropbox.
Goldman Sachs, JP Morgan Securities, Deutsche Bank Securities, Allen & Company, Merrill Lynch, Pierce, Fenner & Smith, RBC Capital Markets, Jefferies, Macquarie Capital, Canaccord Genuity, JMP Securities, KeyBanc Capital Markets and Piper Jaffray are the underwriters for the IPO.