Shares of Dropbox surge in first day of trading
Posted March 23, 2018 7:00 am
NEW YORK (AP) - Shares of the digital file storage company Dropbox soared Friday in their stock market debut.
The stock rose $7.48, or 35.6 percent, to close Friday at $28.48 in its first day of trading on Nasdaq. It had climbed as high as $31.60 during the day.
The San Francisco company offered about 26.8 million shares of stock at $21 apiece, while selling shareholders were offering about 9.2 million shares. It had expected to price the shares in a range of $18 to $20.
The company, founded 11 years ago, boasts about 500 million users. It provides services for backing up documents, photos and video. It competes with smaller rival Box Inc., which went public two years ago, as well as technology behemoths Google, Microsoft and Amazon.
Dropbox co-founders Drew Houston, third left, Arash Ferdowsi, fourth left, and company executives celebrate as they ring the opening bell at the NasdaqMarketSite, in New York's Times Square, to celebrate the company's IPO, Friday, March 23, 2018. (AP Photo/Richard Drew)
The Associated Press
Dropbox co-founders Drew Houston, left, and Arash Ferdowski, take a selfie photo before their company's IPO begins trading at the Nasdaq MarketSite, in New York's Times Square, Friday, March 23, 2018. (AP Photo/Richard Drew)
The Associated Press
Dropbox co-founders Arash Ferdowski, left, and Drew Houston pose for photos outside the Nasdaq MarketSite, during their company's IPO, in New York's Times Square, Friday, March 23, 2018. (AP Photo/Richard Drew)
The Associated Press
Dropbox co-founders Drew Houston, left, and Arash Ferdowski, applaud as their company's IPO begins trading at the Nasdaq MarketSite, in New York's Times Square, Friday, March 23, 2018. (AP Photo/Richard Drew)
The Associated Press
Dropbox co-founder Drew Houston, center, watches the computer as he waits for his company's stock to begin trading during its IPO at the NasdaqMarketSite, in New York's Times Square, Friday, March 23, 2018. (AP Photo/Richard Drew)
The Associated Press
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