Dropbox shares soar in biggest tech IPO debut since Snap

26 March, 2018, 02:35 | Author: Larry Hoffman
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Dropbox Inc's initial public offering, the largest tech stock debut in more than a year, was priced at $21 per share, the company announced on Thursday, higher than expected.

After Snap's disappointing IPO - it is now trading roughly 4% below its $17 IPO price - analysts believe the Dropbox and Spotify offerings boost the tech IPO market this year. That appeared to drag down the industry altogether, with Google and Apple having fallen about 7 percent this month.

The stock opened at $29 on the Nasdaq and soared as much as 50 percent to a high of $31.60 in early trading.

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The cloud-based file-storage firm on Wednesday raised the expected price range by $2 to $18 to $20 per share, on the back of strong demand.

The regulatory filing Dropbox submitted for its IPO showed the company had more than 11 million paying users. It is the largest tech stock IPO in more than a year and early pricing bodes well for other IPOs from tech unicorns and startups.

At its highest trading price, the cloud-storage company was worth almost $12 billion, above its most recent private valuation.

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The cloud storage company's IPO was the largest tech offering since Snap Inc. went public a year ago.

Dropbox now has over 500 million registered users across 180 countries, but only 11 million of those users are paying. "It has an attractive story to justify its need for financing and the market dynamics are good, ' Josh Lerner, professor of Investment Banking at Harvard Business School, told Reuters, adding 'But at the same time the environment is also competitive".

The IPO raised about $756 million in the largest tech IPO since Snap Inc raised $3.9 billion in its debut previous year. For example, Andrew Houston, the co-founder and CEO, will have 24% of the company, while the the venture-capital firm Sequoia Capital will own a 25% stake. Its full-year net loss, meanwhile, almost halved to $111.7 million.

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