Data-sharing business Dropbox has today filed for an initial public offering of 36 million shares, giving the company a value of more than $7 billion at the higher end of the range.
Dropbox expects its debut price to be between $16 and $18 per share, the company said in a filing.
The San Francisco-based company started as a free service to share and store photos, music and other large files.
It competes with much larger technology firms such as Alphabet's Google, Microsoft and Amazon.com, as well as cloud-storage rival Box.
In its regulatory filing with the Securities and Exchange Commission, Dropbox reported 2017 revenue of $1.11 billion, up 31%t from $844.8m, a year earlier.
The company's net loss narrowed to $111.7m in 2017 from $210.2m 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 US.
The IPO will be a key test of Dropbox's worth after it was valued at almost $10 billion in a private fundraising round in 2014.
