Dropbox sets IPO range $16-18, valuing it below $10B, as Salesforce ponies up $100M
Summary
Many will be watching Dropbox’s IPO to see if it stands up longer term and becomes a bellwether for the fortunes and fates of many other outsized “startups” that many have also expecting to list, including those that have already filed to go public like Spotify, as well as those that have yet to make any official pronouncements, like Airbnb.Perhaps especially now: at a time when people are still wincing from Snap’s drastic drop — the company is trading more than 30 percent down from its IPO debut — Dropbox presents a challenging picture.On the plus side, the company has helped bring the concept of cloud storage services to the masses.But it does raise more pressing questions: Does Dropbox have a big plan for how to convert more people into paying users?In that regard, the Salesforce investment and integration, and its timing of being announced alongside the sober IPO range, is a notable vote of confidence in Dropbox.
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