Dropbox shares soared today in biggest tech IPO since Snapchat
Cloud storage and collaboration company Dropbox — which started 10 years ago as a small startup in the San Francisco-based Y Combinator incubator program — went public today, and its shares were up nearly 36 percent as of market close this afternoon. The successful performance makes Dropbox the biggest tech IPO since Snapchat’s in March 2017. Dropbox ended the day of trading, under the ticker symbol “DBX,” with a market valuation of around $10 billion.
We knew Dropbox was likely expecting a favorable outcome, considering it priced its shares at $21, above its initial projected $18 to $20 range. But the surge in share price, which helped Dropbox match its last private funding valuation, is a welcomed vote of market confidence for a...