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Cloud firm Dropbox surges in Wall Street debut

Cloud firm Dropbox surges in Wall Street debut

The regulatory filing Dropbox submitted for its IPO showed that the company had more than 11 million paying users.

In what is expected to be the largest IPO this year, China video-streaming company iQiyi plans to raise $2.25 billion by offering 125 million American depository shares at a price range of 17 to 19.

The San Francisco-based provider of data management services initially planned to price shares in a range of 16 to 18, but raised that to a range of 18 to 20 on strong interest from institutional investors. The strong pricing bodes well for other highly anticipated IPOs from tech unicorns, or startups valued at more than $1 billion.

Dropbox Inc. (NASDAQ: DBX) launched its initial public offering on Friday on the Nasdaq exchange, under the ticker "DBX".

The company reported revenue of $1.11 billion in 2017, up from $844.8 million a year earlier.

Despite the bump in price, Dropbox's market cap is still below the $10 billion valuation that it commanded in a 2014 private funding round. The company has a positive cash flow and is edging close to producing a profit, while revenue growth is over 30% higher than previous year.

President Donald Trump to hold a press conference
The $1.3 trillion measure incorporates all twelve annual Appropriations bills for Fiscal Year 2018 (i.e., current year). Leahy said. "We wanted to include DACA and include them in this bill...[but] the Democrats would not do it".

Dropbox will sell 36m shares at $21 per share, giving the company a market valuation of $8.2bn. Dropbox is a computing service that allows customers to store documents, videos, photographs and other files in the cloud.

"It is a very impressive set of operating metrics", said Neeraj Agrawal, general partner at tech-focused investment firm Battery Ventures, which has also invested in household-goods retailer Wayfair Inc. and software maker Marketo Inc.

The company's stock market debut is the first big technology float since Snap, the company behind the Snapchat messaging app, went public a year ago. Its full-year net loss almost halved from the $210.2 million in 2016.

Dropbox has 500 million users and competes with Alphabet Inc's (GOOGL.O) Google, Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O). Members of this exclusive club include Uber but also Stripe, an online payments company founded and led by Irish brothers John and Patrick Collison that is now estimated to be worth more than $9bn.

"If investors had bought Dropbox stock within the last six months, they'd be up over 75 percent".

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