Simpson Thacher Represents the Underwriters in Completing the IPO and Green Shoe Closing for Dropbox, Inc.
04.04.18
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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 41,400,000 shares of Class A common stock were sold in the offering, consisting of 32,222,409 shares sold by Dropbox, including 5,400,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, and 9,177,591 shares sold by 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 $969.4 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 technology IPO of the year. It also represents the largest venture capital-backed software IPO 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.