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Cloud storage company Dropbox has priced its IPO at $21. The price is a strong indication of what was perceived to a strong demand since day one of trading. Dropbox’s priced IPO share was confirmed by two individuals who are privy to the company’s share sale.
Dropbox to trade on Nasdaq
The cloud storage company is planning to trade on Nasdaq using the ticker “DBX.” This comes after the cloud storage company sold 36 million shares. It was learned that the IPO was oversubscribed for 25 times. To date, the company raised $756 million which was viewed by many as the largest tech IPO this year.
Also, the company’s present pricing has boosted its initial market capitalization of $8.2 billion which is somewhat lower than $10 billion valuation it received back in 2014. The San Francisco-based company is still planning to go public with various multiple share classes, among others.
In 2017, the company said that it earned a total revenue of $1 billion and 500 million registered users as of February. The cloud storage company has also posted a net loss of $11.7 million in the same year. The 2017 net loss was actually a narrower loss of $210.2 million a year earlier.
Dropbox is not the only cloud storage company in the market. The company’s main cloud storage rival is Box. Other companies offering cloud storage are Google, Amazon, and Apple. Also, Dropbox listed Atlassian as one of its competitor in worker collaboration.