Saturday, 21 July, 2018

Dropbox Shares Surge in Nasdaq Trading Debut

Epic Games shows off amazing real-time digital human with Siren demo Epic Games shows off amazing real-time digital human with Siren demo
Olivia Ford | 26 March, 2018, 02:33

Dropbox was able to avoid the sea of red in the market, with shares soaring in their market debut. The last so-called tech unicorn to hit the market was Snapchat owner Snap Inc last March, and it is trading roughly 4% below its $17 IPO price.

Dropbox shares closed at $28.48 Friday, up 35.62 percent on its first day as a public company. The challenge for the company moving forward will be how it can convert its large base of unpaid users in hopes of erasing its $112-million loss on revenue of $1.11 billion past year.

"Dropbox is likely to jump at the open today".

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

"But at the same time, the environment is also competitive".

"When you think about a moment like this, it's obviously a tremendous financial event for the company but it's also.the biggest brand moment that [we] will ever have", explained Feinstein.

Dropbox stock debuted priced at $21 yesterday.

Dropbox, based in San Francisco and founded 11 years ago, began as a free service to store large files like photos and music.

Dropbox got the famous "bump" in its first hour of trading on the Nasdaq Friday, hitting a high of $31 in early trading after setting its initial price at $21 past year, in one of the biggest tech IPOs in quite some time.

"The potential for profits down the road looks good".

For an expanding business, there's perhaps no day larger compared to its going public.

That's a surprising sign of strength for Dropbox - many observers expected the file-sharing company to not reach the last valuation.

The company sold 36 million shares, and a source told the media that the offering was 25 times oversubscribed.

The solid first-day pop came despite weakness in the wider US stock market. The S&P 500 slid 0.35% while Nasdaq dropped 0.6%, adding to losses of more than 2% each on Thursday.

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