Thursday, 17 October, 2019

Dropbox IPO priced higher than expected on strong demand

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Russell Knight | 24 March, 2018, 10:21

Its market value for the initial public offering was some US$8 billion.

"This is a great manifestation of all the hard work and the collective creative energy of our team", Carolyn Feinstein, Chief Marketing Officer at Dropbox, told Cheddar after shares had opened.

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

At an unpredictable time for tech companies and social media giants, California-based tech unicorn Dropbox looks to be entering a higher gear, following a better-than-expected IPO posting.

The cloud storage company's debut marks an end to a long dry spell in the U.S. IPO market and is the biggest tech IPO since Snapchat owner Snap Inc listed in March previous year. At the stock's opening price, the company touched a market valuation of $US12.67 billion ($A16.4 billion), above the $US10 billion valuation it had in its last private funding round. Its success could be a sign of the strength of tech "unicorns", young companies valued at more than $1 billion. This is a turn off for short-term investors who do not wish to hold on to a share for too long.

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The company's shares surged by 50 percent on Friday, March 23 2018, its first day of trading.

'If investors had bought Dropbox stock within the last six months, they'd be up over 75 percent, ' he added. However, the company went on to double revenues, shrink costs and become cash-flow positive, with its stock increasing more than sixfold as a result. That job developing your brand name and also constructing up worth, it's lastly time for the market to choose just what your firm is really worth.

Watch Dropbox trade in real time here. Snap's shares soared soon after but went on to fall below the...

The regulatory filing Dropbox submitted for its IPO showed the company had more than 11 million paying users.

Arash Ferdowsi is a co-founder of Dropbox Inc. Facebook Inc. has dropped about 12 percent this past week as it acknowledged its mishandling of user data, while less-than-stellar earnings have driven others lower. "That's not the reality being public".

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