Dropbox hikes IPO price to $21 a share, raising a tidy $756M
Dropbox hikes IPO price to $21 a share, raising a tidy $756M
Dropbox price IPO at $21 and lures investors
25 March, 2018, 00:38
Dropbox (DBX) shares rose more than 40% in Friday trade in the cloud storage provider's first day of trading on the Nasdaq.
The share price is above the $18 to $20 range Dropbox forecast in regulatory documents on Wednesday, which had already risen from the initial $16 to $18 range the company proposed earlier in March, indicating there is strong investor interest in the offering.
Dropbox's IPO comes on the heels of a strong market debut of cyber security firm Zscaler Inc, which had also raised the size and price of its offering. But this year, the IPO price of Dropbox was a little bit on the higher side.
Dropbox (DBX) shares jumped on its first day of trading Friday, as the initial public offering saw shares soar by almost 50% in its first few minutes of stock action.
In a nutshell, Dropbox lets you create a folder on your computer where you can store your files, which are then hosted in the cloud. While more than $12 billion in stock has been sold in USA listings this year, up by a third from the same period in 2017, technology companies have been largely absent, according to data compiled by Bloomberg.
The new price range implies that the market valuation of the company, founded in San Francisco in 2007 by Drew Houston and Arash Ferdowsi, will increase by up to 7.85 billion Dollars.
Including the restricted stock units, the value of the company now increases to over $9.1 billion. The company debuted with an initial market cap of over $8B.
Experts say that consumers will be less interested in beginning with Dropbox for their cloud storage because it has the least liberal terms among its competitors like Google, Amazon, Microsoft, and Apple. Its losses have shrunk from $210.2 million in 2016 to 111.7 million in 2017. For example, Drew Houston, the cofounder and CEO, will control 24% of the company, while the venture-capital firm Sequoia Capital will own a 25% stake.
The company will also use this time in the limelight to inform users of its different functions.
"If investors had bought Dropbox stock within the last six months, they'd be up over 75 percent".
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