Published: Sun, March 25, 2018
Finance | By Jaime Brady

Dropbox to start trading after strong IPO

Dropbox to start trading after strong IPO

Dropbox exceeded its private valuation in its market debut, as shares soared after pricing above their marketed range in the biggest technology initial public offering of the year.

The regulatory filing Dropbox submitted for its IPO showed that the company had more than 11 million paying users. The company up until this week has been supported by private investors including Sequoia Capital and Accel Partners.

Dropbox sold 36 million shares in its offering, raising $756 million.

Investors were willing to pay even though equity markets, in particular tech stocks, tumbled sending the Nasdaq 100 on its biggest drop for six weeks. As Dropbox climbed on Friday, all major US indexes showed losses.

The IPO, which values Dropbox at $9.2 billion, is among the most highly anticipated in the tech industry since Snapchat's previous year.

Goldman Sachs & Co LLC, J.P. Morgan, Deutsche Bank Securities, Allen & Company LLC and Bank of America Merrill Lynch are among lead underwriters to the offering.

Dropbox's market debut could bring a much-needed ray of light to the technology sector. Pre-IPO candidates have put off listing plans to try to grow into their private valuations. And given how many analysts, reporters and other CEOs are closely watching Dropbox's performance, it theoretically should make people fear public markets a little bit less. Adding restricted stock units, the valuation rises to $9.2 billion.

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"Dropbox is going public at the right time". Luria now works at D.A. Davidson & Co.

Dropbox provides a service that lets users store, share and collaborate on documents, photos and other files online. That swelled to more than $12 billion by midday Friday. This move is for DropBox to lure in investors but isn't a good look for customers.

Two highly-anticipated IPOs, the first major tests since Snap, are coming up.

DropBox wants to do well for its IPO, so it's priced at $21 per share.

The company has yet to turn a profit, but its revenues have grown rapidly over the past few years from $603 million in 2015 to over $1 billion in 2017. The stock now trades near 11.40, up 0.8%. The stock closed the day just under $28.50.

"But at the same time, the environment is also competitive".

The initial public offering of Dropbox shares is expected on today.

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