Dropbox plans to sell $100m worth of shares to Salesforce when it lists on the Nasdaq next week, according to its updated S-1 IPO filing.
The filing reveals that Dropbox expects to sell 36 million shares at between $16 and $18 each, valuing the file hosting service around $6.7bn on a nondiluted basis.
At that valuation, Dropbox would be worth significantly less than the $10bn valuation it reached in its last private funding round in 2014.
The deal with Salesforce comes after the two US firms unveiled a new partnership earlier this month. As part of the collaboration, Salesforce’s Commerce Cloud and Marketing Cloud customers are granted access to Dropbox’s platform.
“This deeper partnership with Salesforce is a great opportunity to build new value for our mutual customers,” said Dropbox’s engineering chief Quentin Clark. “We’re looking forward to delivering these new integrations so our customers can get the most out of their tools.”
Dropbox’s filing states: “Salesforce Ventures LLC has entered into an agreement with us pursuant to which it has agreed to purchase $100,000,000 of our Class A common stock in a private placement at a price per share equal to the initial offering price. This transaction is contingent upon, and is scheduled to close immediately subsequent to, the closing of this offering.”
The firm’s listing will be the most valuable technology IPO since Snap listed last March.