Dropbox Surges in Much-Awaited Market Debut

Dropbox IPO Price Per Share

Dropbox IPO Price Per Share

There's a school of thought that IPOs should try to avoid that vaunted first-day bump by getting as much money as they can from the initial price, but everybody likes to see those green numbers on their stock tracking service of choice, and that's what Dropbox shareholders got Friday morning. That appeared to drag down the industry altogether, with Google and Apple having fallen about 7 percent this month.

But the stock, which is trading under the ticker symbol DBX, opened at $29 and then continued to climb, rising to around $31 a share 15 minutes into its trading session. The company priced its 36 million shares at $21 on Thursday, above the expected range of $18 to $20.

Dropbox shares soared as much as 48 percent to $31 at 11:37 a.m.in NY, giving the company a market value of $11.9 billion.

Dropbox's much-awaited debut marks an end to a long dry spell in the U.S. IPO market for big names in the technology sector.

It also makes Dropbox's IPO the biggest for a tech company since Snapchat's parent company Snap went public in March 2017.

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Like Snap, Dropbox warned prospective investors that it may never be profitable.

"But at the same time, the environment is also competitive". Now that it is a public company, it is expected that Dropbox will be pressured to start turning a profit.

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

Dropbox posted a revenue of $1.11bn in 2017, up 31% year-on-year, as it almost halved its full-year net losses from the $210.2m it returned in 2016.

"The strong performance of the Dropbox IPO may open the door for more technology unicorns to IPO throughout the rest of 2018", said Sohail Prasad, co-founder and co-chief executive of Equidate, a platform for trading of shares in private technology firms. The company says more than 75 percent of Dropbox's business teams linked their accounts to multiple third-party applications.

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