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.

Minnesota Coronavirus Cases

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Cases: 895229

Reported Deaths: 9462
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Hennepin1749772017
Ramsey722701040
Dakota66032572
Anoka62513568
Washington39357355
Stearns32821275
St. Louis28761399
Wright25354211
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Carver1629166
Clay11923103
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Crow Wing11003122
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Goodhue786596
Douglas7689100
Itasca752796
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Winona702756
McLeod694483
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Steele669431
Morrison663479
Becker620873
Polk591684
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Nobles521654
Lyon518761
Mille Lacs516573
Nicollet510960
Pine500641
Cass491252
Todd483642
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Martin378143
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Renville264151
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Pennington247529
Sibley246917
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Iowa Coronavirus Cases

Data is updated nightly.

Cases: 516453

Reported Deaths: 7289
CountyCasesDeaths
Polk80319799
Linn32142424
Scott26637292
Black Hawk21974378
Woodbury20490258
Johnson19778105
Dubuque18515241
Pottawattamie15890213
Dallas15320113
Story1380258
Warren8450104
Cerro Gordo7964123
Clinton7725114
Webster7326122
Des Moines7098105
Marshall669093
Muscatine6645117
Wapello6441144
Jasper619591
Sioux610177
Lee5908105
Marion557897
Buena Vista502149
Plymouth488388
Henry418655
Benton404859
Jones404862
Bremer395372
Washington391463
Boone389739
Carroll367755
Mahaska365365
Crawford353747
Dickinson314655
Jackson307747
Buchanan305741
Clay295536
Delaware294654
Kossuth289077
Fayette286353
Hardin284353
Tama279777
Page272533
Wright266149
Cedar265527
Hamilton259857
Winneshiek258143
Floyd255449
Clayton244459
Poweshiek237243
Madison234525
Harrison234379
Cass233466
Butler232744
Iowa229634
Jefferson223043
Mills220930
Winnebago215938
Hancock214639
Cherokee211347
Lyon206142
Appanoose205357
Allamakee203955
Calhoun196919
Shelby196442
Union191141
Humboldt185130
Grundy183637
Franklin183029
Mitchell182043
Chickasaw178922
Emmet178246
Louisa176953
Sac171026
Guthrie168137
Montgomery161745
Clarke160829
Keokuk150839
Palo Alto150532
Howard146824
Monroe142739
Ida130141
Greene127517
Davis124625
Lucas124426
Monona122939
Worth12139
Pocahontas120724
Adair114337
Osceola104818
Decatur101913
Taylor98514
Fremont95913
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Wayne84525
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Adams5748
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