Dropbox Pitches Investors on Scale, Growth and Collaboration

Executives make pitch during IPO roadshow; some investors see company’s valuation target as conservative

Leading up to its initial public offering, Dropbox Inc. executives have spent the past few days pitching potential investors on the company’s ability to reach an expansive, 500 million-user base and its growth potential, according to people who have attended the meetings.

On Wednesday as part of the company’s so-called roadshow to peddle its IPO, Dropbox’s Chief Executive Drew Houston, Chief Financial Officer Ajay Vashee and Chief Operating Officer Dennis Woodside addressed about 200 investors who crowded into a ballroom at...