IPO Watch: Dropbox A Blockbuster?

(RTTNews) - Dropbox is seeking to raise $648 million in its upcoming initial public offering, which the online file storage company expects will give it a market value below the $10 billion recent valuation given by private investors.

San Francisco-based Dropbox plans to offer 36 million shares of Class A common stock in a range of $16 to $18 a share that will raise as much as $648 million, according to the filing with the U.S. Securities and Exchange Commission.

The upper end of the price range will give the company a market valuation of about $7.5 billion, including restricted stock units and options. Recently, Dropbox was given a $10 billion valuation by privates investors in a private funding round.

Dropbox also agreed to sell $100 million in Class A stock to Salesforce.com Inc.'s Salesforce Ventures LLC in a private placement at a per share price equal to the IPO.

Last Friday, Dropbox and Salesforce (CRM) announced a strategic partnership to connect Salesforce's CRM platform with Dropbox's collaboration platform, enabling companies of all types and sizes to collaborate and more deeply connect with their customers across sales, service, marketing, commerce, and more.

Dropbox will trade on the Nasdaq stock market under the ticker symbol "DBX".