Dropbox Prices Shares In One of the Hottest Tech IPOs Since Snapchat

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The company says more than 90 percent of Dropbox's revenue comes from individual users purchasing subscriptions.

Last year, Dropbox raised $756 million in what was called the largest tech IPO since Snap.

One of the major players active in this field is Dropbox, which listed on the Nasdaq stock exchange on Friday in the largest tech stock IPO in more than a year.

At the time, the pricing put the company's valuation at $8.2 billion, $1.8 billion under the valuation the company received after a funding round in 2014.

The stock opened at $29 on the Nasdaq and shot up to as high as $31.60 in early trading. Snap's shares soared soon after but went on to fall below the...

Investors, including VC firms such as Sequoia Capital and Accel and mutual funds such as T. Rowe Price and Fidelity Investments, have sunk more than $600 million into the company since it was started 11 years ago.

Shares trading under the symbol DBX rallied 35.6 per cent to close at US$28.48, with intraday gains as much as 50 per cent, following the offering price of US$21.

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The iconic toy giant announced last week that it will shut or sell all of its 735 United States stores after a 70-year run. Bain Capital, KKR & Co. and Vornado Realty Trust took over Toys "R" Us in a $7.5 billion leveraged buyout in 2005.

The highly publicized and anticipated public offering made Dropbox the 7th largest IPO on a US exchange this year, says market intelligence firm Ipreo.

According to its website, the company has over 500 million registered users and more than 300,000 teams are using Dropbox business. The 32-year-old Kansas native joins co-founder and Chief Executive Officer Drew Houston in the three-comma club.

Its IPO priced at $21 a share late Thursday - $1 above the projected range of $18 to $20 each and was several times oversubscribed.

The tech company declared itself cash-flow positive in 2016.

The cloud-storage company raised $563 million in the offering, assuming it stuck with its previously announced plan to sell about 26.8 million shares.

The consumers who are looking for a deal in cloud storage may ignore Dropbox as they can go for more liberal cloud storage like Google, Microsoft, Amazon, and Apple. Dropbox outperformed the S&P tech index, too; this group of stocks was down by 2.73%. Its full-year net loss, meanwhile, almost halved to US$111.7 million.

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