Dropbox to raise $648 million via IPO

Dropbox to raise $648 million via IPO

Cloud storage company, Dropbox said it is looking at raising at least $648 million via an initial public offering, IPO.

According to people familiar with the matter, the IPO will value Dropbox at $10 billion, a value that is said to be less than its initial value.

It will amaze you to learn that Dropbox has not started making profit since it started operation.

According to latest data, the company’s revenue increased more than 30% last year to $1.1 billion from $845 million in 2016. In the same period, the company’s net losses shrank to $112 million from $210 million.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG and Allen & Co. are leading the offering.

Available information says the company plans to list on Nasdaq Global Select Market under the symbol DBX.

Dropbox is a competitor to Box and Google as well as Amazon in cloud storage.