Dropbox and Salesforce to integrate cloud services

Dropbox Sets IPO Target Valuation at $7 Billion to $8 Billion

Dropbox Just Revealed Its IPO Target—And Its Valuation Has Plunged Since 2014

Additionally, the document filed by Dropbox said that Salesforce's ventures arm, Salesforce Ventures, had agreed to buy $100 million (£72.1 million) worth of Dropbox stock.

Drew Houston, the founder and CEO of Dropbox, at the annual Allen & Company Sun Valley Conference in 2016 in Sun Valley, Idaho.

According to a Bloomberg calculation, the transaction would value Dropbox at $7.1 billion, less than its $10 billion value during a prior private capital raising effort in 2014.

The performance of Dropbox - along with Spotify, which is also expected to trade publicly in the early spring - will be watched closely by venture capitalists as the two marquee IPOs of the first half of the year.

In an amendment to its February 23 S-1 filing, Dropbox said it will price shares at between $16 and $18 each and intends to raise up to $648 million.

Dropbox's IPO is expected to be the largest technology offering since Snap went public previous year.

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In the regulatory filing, Dropbox cautioned that the multi-tier share structure could decrease its valuation. The remaining 98 percent will accounted for by the Class B shares now held by CEO Drew Houston and other major investors. The company also has Class C shares, which have no voting rights but convert to Class A on a share-by-share basis.

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, 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.

The company's shares are slated to begin trading late next week. It plans to list on the Nasdaq under the symbol DBX.

Goldman Sachs & Co, JPMorgan, Deutsche Bank Securities, BofA Merrill Lynch are the lead underwriters for the public offer. Its content is produced independently of USA TODAY.

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