Dropbox aims to raise up to $648 million in IPO

Dropbox aims to raise up to $648 million in IPO

The venture capital arm of Salesforce.com Inc (CRM.N) has agreed to buy $1 million of Dropbox's Class A common stock in a private placement at a price per share equal to the IPO.

A specific date has not yet been set for Dropbox's listing later this month.

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.

Some might argue that it's illogical to compare a company whose business model is built around cloud storage with a travel and accommodation business, or a music streaming platform.

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GlaxoSmithKline (GSK) Rating Lowered to Sell at Zacks Investment Research
TheStreet downgraded shares of GlaxoSmithKline from a "b-" rating to a "c" rating in a report on Wednesday, February 7th. It has underperformed by 32.78% the S&P500. (NASDAQ:MU) has "Buy" rating given on Wednesday, December 7 by Citigroup.

As a result, the IPO will be among the largest tech market debuts since Snap in March of 2017. Existing shareholders, including founders Drew Houston and Arash Ferdowsi, will offer another 9.2 million shares for sale, and the underwriters have an over-allotment option for 5.4 million more shares. It doesn't make any money; it lost $111.7 million on $1.11 billion in revenue previous year, and revenue growth has been declining. While it claims to have 500 million users in 180 countries, it posted only 11 million paying clients at the end of a year ago.

Again, that's a large improvement when you compare Dropbox's 2016 loss of $210 million in 2016 and $326 million in 2015.

Dropbox and Salesforce have entered into a partnership that will see the two cloud-native firms mix their services together. But it does beg more pressing questions: Does Dropbox have a big plan for how to convert more people into paying users?

Additionally, Salesforce Ventures, Salesforce's corporate investment group, "has been an investor in Dropbox since 2014", so clearly the collaboration and synergy is at a much deeper level than the usual partnership announcement.

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