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Corrected: Dropbox sees IPO price between $16 and $18 per share


(Corrects to show has agreed to buy $100 million of common shares, not $1 million in the fourth paragraph)

(Reuters) - Data-sharing business Inc on Monday filed for an of 36 million shares, giving the company a value of more than $7 billion at the high end of the pricing range.

A series of funding rounds had valued at $10 billion, but investment bankers were doubtful about matching that valuation.

Dropbox, which plans to raise $648 million at the top end of the range, expects its debut price to be between $16 and $18 per share, the company said in a filing. (

The of has agreed to buy $100 million of Dropbox's Class A common stock in a private placement at a price per share equal to the IPO.

along with music streaming service company are the year's two most anticipated tech IPOs.

San Francisco-based Dropbox, which started as a free service to share and store photos, music and other large files, competes with much such as Alphabet Inc's Google, and as well as cloud-storage rival Box Inc.

In its regulatory filing with the Securities and Exchange Commission, 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

Goldman Sachs & Co, JPMorgan, Deutsche Bank Securities, BofA Merrill Lynch are the lead underwriters for the public offer.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 22:06 IST