Simpson Thacher Represents Underwriters in Initial Public Offering by Dropbox
03.27.18
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The Firm recently represented the underwriters, led by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, in the initial public offering by Dropbox, Inc. (“Dropbox”). A total of 36,000,000 shares of Class A common stock were sold in the offering, including 9,177,591 shares offered by certain selling stockholders. An affiliate of Salesforce.com, Inc. also purchased an aggregate of 4,761,905 shares of Class A common stock from Dropbox in a concurrent private placement. The offering and the concurrent private placement raised gross proceeds of approximately $856 million. Dropbox’s shares are listed on the NASDAQ Global Select Market under the ticker symbol “DBX”.
Dropbox is a global collaboration platform where content is created, accessed and shared with the world. Dropbox’s initial public offering priced at $21 per share, above an original range of $16-$18, and represents the largest venture capital-backed software initial public offering ever.
The Simpson Thacher team included Kevin Kennedy, Karen Reyes and Sherry Shen (Capital Markets); Tristan Brown, Erin Murphy and Alexander Ellebracht (Employee Benefits); and Jennie Getsin (FINRA and Blue Sky). Kelli Schultz also provided valuable assistance.