Dropbox files $7 billion IPO

Spotify last valued at $20 billion has a high bar to leap over when it holds its IPO

Including restricted stock units, that range is $6.7 billion to $7.6 billion. Assuming a midpoint of $17 a share, that would value Dropbox at around $7.5 billion according to The New York Times.

The company first confidentially filed for an IPO at the start of the year.

The gap between private valuations and public market aspirations highlights the disconnect between the premium that private investors put on potential innovation, and the financials-based analysis that public market shareholders are focused on.

According to documents filed with the US Securities and Exchange Commission, Dropbox will sell shares at between $16 and $18, valuing the company at around $7bn.

Turkish private plane crashes south of Tehran, Iran
The flight took off Sunday from Sharjah International Airport in the UAE, home to the low-priced carrier Air Arabia. Flight-tracking website FlightRadar24 writes the plane gained altitude and within minutes dropped drastically.

Dropbox also announced in its filings that investment firm, Salesforce.com will buy $100 million worth of shares offered when the IPO closes.

Dropbox, the service once derided by Steve Jobs as merely a feature, but which has achieved stunning storage success while adding ever more features, benefits and strategic partnerships of its own, has done a deal with superlative CRM provider Salesforce. Arash Ferdowsi, co-founder and director, will hold 8.8 percent of the shares. But later that year, the company's investment bankers warned that it couldn't match that valuation in an IPO and investor Fidelity Investments slashed the estimated worth of Dropbox by nearly 20 percent. It has more than 500 million registered users, including 11 million paying users.

Dropbox's S-1 form Dropbox that it filed with the Securities and Exchange Commission showed that it lost $111 million (£80.1 million) on revenue of $1.1 billion (£793 million) previous year. In the same period, the company's net losses shrank to $112 million from $210 million. This list includes the likes of Goldman Sachs, JPMorgan, Deutsche Bank, Allen, Merrill Lynch, RBC Capital Markets, Jefferies, Macquarie, Canaccord Genuity, JMP Securities, KeyBanc Capital Markets and Piper Jaffray. Dropbox is expected to begin trading on the Nasdaq stock market under ticker symbol "DBX" by the end of next week.

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