LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Dropbox shares surge in biggest tech debut since Snap

Dropbox Inc`s shares soared around 40 percent in their market debut on Friday as investors rushed to buy into the biggest tech IPO in more than a year. The stock opened at $29 on the Nasdaq and shot up to as high as $31 in early trading.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Mar 23, 2018
09:40 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Dropbox Inc`s shares soared around 40 percent in their market debut on Friday as investors rushed to buy into the biggest tech IPO in more than a year. The stock opened at $29 on the Nasdaq and shot up to as high as $31 in early trading. At the stock`s opening price, the company touched a market valuation of $12.67 billion, above the $10 billion valuation it had in its last private funding round. Dropbox`s debut marks an end to a long dry spell in the U.S. IPO market for big names in the technology sector. The last so-called tech unicorn to hit the market was Snapchat owner Snap Inc last March. The pop in price may bode well for music streaming service Spotify - valued at roughly $19 billion in the private market - that has also filed for a direct listing and will start trading on the New York Stock Exchange on April 3.

"Dropbox is going public at the right time It has an attractive story to justify its need for financing and the market dynamics are good," said Josh Lerner, professor of Investment Banking at Harvard Business School. "But at the same time the environment is also competitive". The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with much larger technology firms such as Alphabet Inc`s Google, Microsoft Corp and Amazon.com Inc. Its main rival is Box Inc. It has yet to turn a profit, but that`s common for startups that invest heavily in their growth. However, as a public company Dropbox will be under pressure to quickly trim its losses.

The company reported revenue of $1.11 billion in 2017, up from $844.8 million a year earlier. Full-year net loss nearly halved from the $210.2 million in 2016. The IPO was priced at $21 apiece late on Thursday - $1 above the projected range of $18 to $20 on the back of strong demand.

"We are excited to see that markets are receptive to a tech IPO," said Michael Carvin, Chief Executive of personal finance technology firm SmartAsset.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
EconomyDropboxSnapchat
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

REVEALED! What gave a massive 400% jump to FDI in computer software, hardware during Apr-Dec 2020

3 free LPG cylinders likely again for Ujjawala scheme beneficiaries

Andhra Pradesh trade body to promote IP rights, registration for MSMEs

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved