Dropbox listed its shares on initial public offering, valuing the entire company at between USD 7 billion and USD 8 billion, according to Quarz Media.

In an amendment to its Feb. 23 S-1 filing, Dropbox said it will price shares at between USD 16 – USD 18 each and intends to raise up to USD 648 million.The company will sell USD 100 million worth of shares to Salesforce.com’s venture arm at the same time of its IPO. The IPO value is less than its 2014 funding round, when it was valued at USD 10 billion.

According to data compiled by Bloomberg, Dropbox would be the third-biggest IPO from an enterprise technology company in the last three years and the largest tech offering since Snap’s IPO last year.

The company offers its services for free to registered users, then asks them to pay if they want additional storage. It lost USD 111.7 million on USD 1.11 billion in revenue last year, and revenue growth has been declining.

Among risk factors listed in Dropbox’s offering documents are its ability to get non-paying users to upgrade and become paying subscribers.

Dropbox, based in San Francisco, was founded in 2007 by a couple computer science students from MIT, Drew Houston and Arash Ferdowsi.

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