Dropbox hopes to price the initial public offering of its stock between $16 and $18 per share, the company said today in an update to its IPO filing that would place it well below its $10 billion private valuation.
The company filed its prospectus last month with the U.S. Securities and Exchange Commission. But as is common, it did not offer a price range or possible valuation for the IPO, which is expected to take place next week.
In the update filed today, Dropbox’s target range could make it worth as much as $7 billion, according to Reuters, and allow it to raise up to $742 million. The company was previously valued at $10 billion, following a 2014 funding round. However, the filing also emphasizes that these figures remain preliminary.