tech company-and how the stock will perform compared to Snap. The IPO is being closely watched by the tech community, which is seeking insight into how receptive the public markets will be to a large, established U.S. A graduate of the Y Combinator accelerator, Dropbox is the program’s first company to go public. Dropbox will trade on Nasdaq starting Friday under the ticker “DBX.”įounded in 2007 by MIT students Drew Houston and Arash Ferdowsi, Dropbox has grown to become a titan of the storage market, allowing users to back up, organize, and store documents, images, and other files online. The San Francisco-based company has pretty simple plans for the hundreds of millions it raised in the IPO: to repay around $193.1 million in debt, and have cash on hand for anything from acquiring businesses or products to general corporate expenses. Notably, Salesforce Ventures, the investment arm of the customer relationship management company, had committed to purchase $100 million of Dropbox’s stock, according to a document filed with the SEC Wednesday. That’s above the $18 to $20 range it set Wednesday. The company sold 36 million shares at $21 per share, according to CNBC and The Wall Street Journal. That would give Dropbox a valuation of more than $8 billion.ĭropbox had initially set a goal to raise about $500 million, which it bumped up as demand for its public debut rose, according to news reports. tech company since Snap’s $3.9 billion offering a year ago.
It’s the largest initial public offering for a U.S. Dropbox has raised about $756 million in its public market debut after pricing its IPO at $21 per share, according to news reports citing sources familiar with the matter.
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