Cloud storage firm Dropbox raises IPO price range by $2 on strong demand
Dropbox Inc IPO: The new price range suggests the San Francisco company, co-founded in 2007 by Andrew Houston and Arash Ferdowsi, will hit the public market valued at up to $7.85 billion and the IPO will raise up to $720 million. "The initial file price range was quite conservative relative to the valuations placed on comparable firms, such as Box," said Jay Ritter, an IPO expert and professor at the University of Florida.
Dropbox`s IPO is being closely watched by the investment world for signs of the strength of enthusiasm for tech unicorns - young companies valued at more than $1 billion. Image source: Reuters