Dropbox Dominates Share Market as Valuation Soared After IPO
Dropbox began its market debut extremely well as shares topped their marketed range in the biggest technology initial public offering (IPO) of the year.
One share was valued at $28.48 when the market closed in New York on Friday, thus empowering the file sharing company with a market valuation worth $11.2 billion. They rose over 50% the amount initially asked in their IPO to as high as $31.60.
Four years ago, in the company’s last private funding round, Dropbox was valued at $10 billion. The success of Dropbox on the market share could help resolve the one problem that has been restraining Silicon Valley companies from going public – their own heavy price tag.
Dropbox first targeted a market valuation at $7.1 billion but the strong demand for the file sharing company’s shares ...