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Dropbox Inc on Monday filed to go public, valuing the cloud storage company at up to US$7.1 billion, almost a third below a valuation three years ago, as concerns rose that it was not growing fast enough to justify a loftier price tag.

The file-sharing company is marketing 36 million shares of Class A common stock for $16 to $18 apiece, according to a filing with the US Securities and Exchange Commission Monday.

According to a Bloomberg calculation, the transaction would value Dropbox at $7.1 billion, less than its $10 billion value during a prior private capital raising effort in 2014.

Dropbox also announced in its filings that investment firm, Salesforce.com will buy $100 million worth of shares offered when the IPO closes.

The company filed for its IPO in February, and said that it plans to trade on the Nasdaq under the ticker symbol DBX.

This is actually not the first time the two company's have worked together, previously the Dropbox for Salesforce app was added to the Salesforce AppExchange.

This will be the Class A shares for Dropbox, which will have voting rights of one vote per share. After the roadshow is complete, they will finalize the IPO price for the company's shares, using investor feedback on the price.

The company is now losing money.

The company's revenue increased more 30 percent past year to $1.1 billion from $845 million in 2016.

VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Data from Dealogic indicates that the Dropbox IPO would be the biggest tech IPO since Snap's offering a year ago. Dropbox now boasts 11 million paying users across 180 countries. About 11 million of those users are paying customers. In the same period, the company's net losses shrank to $112 million from $210 million. The remaining 98 percent will accounted for by the Class B shares now held by CEO Drew Houston and other major investors.