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Dropbox Inc. set terms for an initial public offering Monday that values the company as high as $8 billion. The company also announced a $100 million private placement by Salesforce Ventures.
The valuation, on a fully diluted basis, is about 20 percent below the $10 billion level the company achieved in its latest private funding round in 2014.
On a nondiluted basis, the company is valued around $6.7 billion, which is a closer comparison to what the company's market capitalization will be when the shares begin trading next week. Salesforce's venture arm had also invested previously in Dropbox's Series C funding round, data provided by Crunchbase show.
Dropbox, the provider of a cloud-based platform that enables users to store and share content, said in a new S-1 filing that it plans to sell 36 million Class A shares at $16 to $18 apiece. The company is issuing 27 million shares, while current investors, including co-founders Drew Houston and Arash Ferdowsi, are selling 9 million shares.
At the midpoint of the range, Dropbox's IPO would be $612 million, the largest tech offering since Snap went public a year ago.
Class A shares will represent 2 percent of the voting power, while Class B shares — held by Houston and Ferdowsi as well as Sequoia Capital and T. Rowe Price — will account for 98 percent. Each Class B share represents 10 votes. The company also has Class C shares, which have no voting rights but convert to Class A on a share-by-share basis.
The company also announced a reverse stock split of 1.5 to 1 for current inside investors. That technique essentially allows Drobox to set a higher per-share price in its IPO without changing the economics of its previous owners or the company as a whole.
The terms announced on Monday effectively kick off the company's roadshow, where executives and bankers will market the deal to investors. Their schedule begins with meetings in New York on Monday, then in Boston later this week, a person familiar with the schedule said.
The company's shares are slated to begin trading late next week. Dropbox will be listed on the Nasdaq exchange under the symbol DBX.