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 2:19 PM
Updated: Mar 21, 2018 2:19 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.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 513622

Reported Deaths: 10264
CountyCasesDeaths
Harrison34892556
DeSoto33234432
Hinds32638641
Jackson24854389
Rankin22507403
Lee16337242
Madison14922283
Jones14113247
Forrest13766259
Lauderdale12270324
Lowndes11305193
Lamar10659140
Pearl River9719244
Lafayette8846143
Hancock7836132
Washington7550169
Oktibbeha7210138
Monroe7010179
Pontotoc6990109
Warren6863178
Panola6759134
Neshoba6730210
Marshall6678141
Bolivar6445151
Union638297
Pike5928156
Alcorn5879107
Lincoln5530136
George510180
Prentiss503884
Tippah491482
Itawamba4844107
Scott477899
Adams4768125
Tate4756116
Leflore4729144
Copiah456495
Yazoo456491
Simpson4546117
Wayne443072
Covington433695
Sunflower4299106
Marion4277112
Coahoma4237109
Leake413990
Newton395781
Tishomingo383593
Grenada3777109
Stone365866
Jasper340666
Attala338290
Winston317892
Chickasaw315467
Clay312278
Clarke301195
Calhoun285049
Holmes271889
Smith269052
Yalobusha243947
Tallahatchie231553
Greene224749
Walthall221666
Lawrence218740
Perry213456
Amite209857
Webster205348
Noxubee188742
Montgomery181657
Carroll174541
Jefferson Davis173643
Tunica163239
Benton152939
Kemper145041
Choctaw136727
Claiborne134338
Humphreys131239
Franklin125529
Quitman107628
Wilkinson105939
Jefferson96934
Sharkey65221
Issaquena1957
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Alabama Coronavirus Cases

Cases: 845284

Reported Deaths: 16116
CountyCasesDeaths
Jefferson1161552006
Mobile742111380
Madison53307732
Shelby38338368
Baldwin38085589
Tuscaloosa36022641
Montgomery34492781
Lee25562263
Calhoun22586518
Morgan22459406
Etowah20018517
Marshall18782316
Houston17731425
St. Clair16884358
Limestone16148218
Cullman16054303
Elmore15904294
Lauderdale14989306
Talladega14196299
DeKalb12972269
Walker12030380
Blount10717192
Autauga10517157
Jackson10162194
Coffee9417192
Colbert9342208
Dale9020191
Tallapoosa7256201
Russell708165
Chilton7018170
Escambia6957143
Covington6933195
Franklin6342108
Chambers5784142
Marion5406130
Dallas5285209
Pike5119109
Clarke484986
Lawrence4826129
Winston4780110
Geneva4642136
Bibb434094
Barbour369580
Butler3435100
Marengo342493
Monroe337266
Randolph334867
Pickens333188
Fayette330385
Henry320666
Hale318389
Cherokee317863
Crenshaw260477
Washington257052
Cleburne254460
Lamar251453
Clay250869
Macon244864
Conecuh192862
Coosa185047
Lowndes178168
Wilcox177438
Bullock152645
Perry141840
Sumter139241
Greene130245
Choctaw93228
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