The cloud-storage company had priced its IPO at $21 a share on Thursday, above its previously expected range.
Dropbox is now the largest tech IPO since Snap past year and provides a more favorable launch environment for the upcoming Spotify debut. This time it was expected that Dropbox would keep the IPO pricing between $18-$20 per share which was $2 per share more than the company's previous estimations of $16 per share to $18 per share. A decade after its founding, Dropbox is now a publicly traded company starting Friday, March 23, 2018.
Dropbox is among a rare class of highly valued private tech companies to debut in recent years. Until now, it was financed by private investors - including venture capital firms Sequoia Capital and Accel Partners - who valued the start-up at $9.4 billion, according to the research firm CB Insights. At the stock's opening price, Dropbox had a market valuation of $12.67 billion, well above the $10 billion valuation it had in its last private funding round. "They are helping to unleash the world's creative energy and redefining the way work gets done", said Jeff Thomas, head of Western US Listings at Nasdaq. To branch out the business scope beyond simple file storage, Dropbox has developed new services such as Showcase, Smart Sync, and collaboration tools such as Dropbox Paper. Dropbox gives away a basic level of storage for nothing but charges for premium services, including pricier business subscriptions.
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Though it is growing fast, with revenue showing a steady double-digit growth pace, Dropbox has yet to show a profit since it was founded in 2007.
Dropbox now has over 500 million registered users across 180 countries, but only 11 million of those users are paying. In order to increase revenues, it either needs to convert more users into paying ones, or encourage existing subscribers to upgrade.
But, after being burned by a disappointing Snap (SNAP) IPO, will they pour money into the Dropbox and Spotify IPOs? Andrew Houston, co-founder, and CEO of the company will have a share of 24 percent in Dropbox after selling 2.3 million shares in the offering. A photo caption in an earlier version of this article incorrectly stated his name was Arash Ferdows.