Dropbox has filed an update on its upcoming initial public offering with the Securities and Exchange Commission. The company revealed today that its shares are expected to end up priced between $16 and $18 apiece, which would mean that it’s seeking a valuation between $7 billion and $8 billion. At the midpoint of its provided range, the Dropbox IPO would raise $612 million and bring in proceeds of $529.7 million. Data from Dealogic indicates that the Dropbox IPO would be the biggest tech IPO since Snap’s offering a year ago.

The Dropbox IPO is scheduled for next week, and Wall Street will be watching closely to see if it’s a repeat of other disappointing tech IPOs such as Snap and Blue Apron. The cloud storage company will start trading on the NASDAQ using the ticker symbol “DBX.”

By Dropbox [Public domain], 

Dropbox executives are getting ready for their roadshow ahead of the company’s initial public offering and they’re releasing more and more details about the cloud storage company and its financials. After the roadshow is complete, they will finalize the IPO price for the company’s shares, using investor feedback on the price.

Today’s regulatory filing includes several fine details that investors may be confused about. For example, the company states that it has more than 500 million registered users, but only 11 million of them are paying customers. Some enterprises use Dropbox, while some individuals have upgraded their accounts to paying accounts. The cloud storage firm said its free Basic plan is the main vehicle for drawing in new paying customers.

As many tech companies continue to do after going public, Dropbox is still losing money, although the $112 million that it lost last year was an improvement from the $210 million it last in 2016. The company has warned potential investors that it isn’t focusing on profits just yet though, as it plans to start spending more on research and development to strengthen its infrastructure and hire more employees. Despite the losses, the company is free-cash-flow positive and expects the cash it currently has to be enough to support its cash needs right now.

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