Some 36 million shares in the company, based in San Francisco, were sold Thursday for $21 apiece, higher than the range of $18 to $20 a share that the company's investment bankers had recently envisioned. That's more than expected, especially given the original range of $16 to $18 a share last week, which was raised a couple of dollars this week. Here's Statista's chart of how the Dropbox IPO compares to other high-profile tech IPOs since 2011.More news: Extent of US-China trade fight depends on Trump's goals
In a nutshell, Dropbox lets you create a folder on your computer where you can store your files, which are then hosted in the cloud. Dropbox reported revenue in 2017 of $1.1 billion, up 31% from the previous year. The stock was up more than 40% at $29.60 on Friday, valuing the company at more than $12 billion. To branch out the business scope beyond simple file storage, Dropbox has developed new services such as Showcase, Smart Sync, and collaboration tools such as Dropbox Paper.
The company posted revenue of $1.1 billion on a net loss of $111.7 million in 2017.More news: United Technologies Sends Spare Engines To Get IndiGo A320s Flying Again
Dropbox co-founder and Chief Executive Officer Andrew Houston will have a 24 per cent of the company after selling 2.3 million shares in the offering.
Among them are Spotify AB, which is expected to make its initial offering about April 3. For example, Drew Houston, the cofounder and CEO, will control 24% of the company, while the venture-capital firm Sequoia Capital will own a 25% stake.
Dropbox has also had more time to adjust to life in the spotlight.More news: Winter weather advisory in effect today
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now. and Dropbox, Inc. wasn't one of them! Goldman Sachs, JPMorgan Chase, Deutsche Bank and Allen & Co. led the offering.