Friday, March 23, 2018

Dropbox shares surge in biggest tech debut since Snap | Financial Post

Dropbox shares surge in biggest tech debut since Snap | Financial Post: Dropbox Inc’s shares soared by as much as 50 per cent in their first day of trading on Friday as investors rushed to buy into the biggest technology initial public offering in more than a year even as the wider tech sector languished.

The stock opened at US$29 on the Nasdaq and shot up to as high as $31.60 in early trading. At the stock’s opening price, Dropbox had a market valuation of $12.67 billion, well above the $10 billion valuation it had in its last private funding round.

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