Dropbox valued at $8B ahead of high-profile IPO, filing says

March 12 (UPI) -- File-sharing company Dropbox has set valuation for its anticipated initial public offering at $8 billion -- with stock expected to sell for between $16 to $18 per share, a government filing Monday showed.

The San Francisco-based company, which says it has over 500 million users, is expected to go public this week. In a filing with the Securities and Exchange Commission, Dropbox said it's marketing 36 million Class A shares of common stock.

While the Class A shares have little voting power, they indicate the company values itself at about $8 billion --a bit less than the $10 billion level it touted in private funding efforts nearly four years ago.

Dropbox, which quietly filed for the IPO in January, offers customers cloud-based web service for file storage.

Dropbox's IPO is expected to be the largest technology offering since Snap went public last year.

If all the stock is sold at the higher suggested price, the sale will be the third-highest IPO from an enterprise technology company in the past three years.

While Dropbox has not turned a profit since its 2007 founding, its revenue increased more 30 percent last year to $1.1 billion, up from $845 million in 2016. In the same period, the company's net losses dropped by nearly $100 million.

Monday's SEC filing, which also mentioned the sale of $100 million in stock to the venture capital division of Salesforce.com, begins a period in which bankers and Dropbox executives will market shares. A meeting in New York is scheduled for Monday and in Boston later this week.

The company's code on the Nasdaq exchange will be DBX.