Online file sharing giant Dropbox Inc on Monday filed for an initial public offering of 36 million shares, giving the company a value of more than $7 billion at the higher end of the range.
Dropbox expects its debut price to be between $16 and $18 per share, the company said in a filing.
The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with much larger technology firms such as Google, Microsoft and Amazonn as well as cloud-storage rival Box Inc.
In its regulatory filing with the Securities and Exchange Commission, Dropbox reported 2017 revenue of $1.11 billion, up 31 percent from $844.8 million, a year earlier.
The company’s net loss narrowed to $111.7 million in 2017 from $210.2 million in 2016.
Dropbox, which has 11 million paying users across 180 countries, said that about half of its 2017 revenue came from customers outside the United States.