The cloud storage company Dropbox on Monday filed to issue public stock at a valuation of roughly $7 billion, well below its valuation during its last public offering several years ago.
The company was valued at $10 billion back in 2014. Analysts attribute the decline to Dropbox’s slower-than-desired growth. Since Dropbox was founded it has had to field new competition from smaller cloud storage competitor Box, as well as major technology firms like Google, Microsoft and others, which have introduced similar products.
The company reported $1.17 billion in revenue in 2017, a 31 percent jump from 2016.
The company plans on offering its 36 million IPO shares at between $16 to $18 a share, according to its filing with the Securities and Exchange Commissions.
Dropbox’s IPO could be a part of a wave of hotly anticipated forthcoming public offerings. Spotify is also in the process of arranging an IPO and investors are keeping an eye on potential plans to go public for companies like Airbnb, Uber and Lyft.