BREAKING NEWS Massive crowd gathers for protest march Full Story

Dropbox raises its IPO range

Dropbox is raising its price tag.The cloud storage company said it will start price its initial public offerin...

Posted: Mar 21, 2018 12:19 PM
Updated: Mar 21, 2018 12:19 PM

Dropbox is raising its price tag.

The cloud storage company said it will start price its initial public offering in a range of $18 to $20 a share Thursday. That's $2 more than Dropbox had initially stated last week. It will debut on the public market Friday.

It's a positive sign for the IPO. Dropbox now expects to raise up to $720 million on Wall Street, up from the $648 million it originally projected.

The company will be valued at $7.8 billion and will list on the Nasdaq under the stock ticker DBX.

Related: Dropbox and Spotify to test demand for unicorn tech IPOs

Dropbox became a leader in storing and sharing documents, photos and files online. Customers have added more than 400 billion pieces of content to its storage base to date, Dropbox says.

The biggest threat to Dropbox is the crowded field. Apple, Google, Microsoft and Amazon all have rival sharing services. Dropbox said it only expects "competition to intensify in the future."

Related: Dropbox: The company everyone wants to kill

More than 500 million people have signed up for Dropbox, but only 2% pay for subscriptions. That's part of why Dropbox isn't profitable. Although Dropbox topped a billion in sales last year, it lost $112 million.

Investors are encouraged that Dropbox has narrowed its losses though. Demonstrating profitability isn't yet the most important measure for the company.

Dropbox's business depends on growing its customer base and convincing more of them to become paid users. "Our future growth could be harmed if we fail to attract new users or convert registered users to paying users," the company said as part of its risk factors in the filing.

-CNNMoney's Seth Fiegerman contributed to this report.

Oregon Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 4243

Reported Deaths: 153
CountyConfirmedDeaths
Multnomah116559
Marion96025
Washington73917
Clackamas31211
Deschutes1250
Umatilla1163
Linn1159
Polk9812
Lane733
Yamhill707
Jackson660
Benton555
Clatsop450
Klamath440
Jefferson330
Malheur320
Coos310
Douglas270
Wasco241
Josephine231
Hood River180
Columbia160
Lincoln120
Morrow110
Curry70
Union60
Tillamook60
Crook60
Wallowa20
Lake20
Sherman10
Harney10
Grant10
Baker10
Unassigned00
Eugene
Broken Clouds
52° wxIcon
Hi: 66° Lo: 44°
Feels Like: 52°
Corvallis
Clear
55° wxIcon
Hi: 67° Lo: 44°
Feels Like: 55°
Roseburg
Clear
61° wxIcon
Hi: 71° Lo: 48°
Feels Like: 61°
North Bend
Clear
53° wxIcon
Hi: 61° Lo: 46°
Feels Like: 53°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events