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Dropbox stock going public1/8/2023 ![]() The pop in Dropbox’s price may bode well for Spotify, valued at roughly $19 billion in the private market. ![]() “In the case of Dropbox, investors get a chance to get exposure to a next-generation tech company, which is a proven business model,” said Tom Taulli, analyst in New York. ![]() The last so-called tech unicorn to hit the market was Snap Inc last March, and the Snapchat owner is now trading roughly 4 per cent below its $17 IPO price. The S&P tech index was down 2.73 per cent.ĭropbox’s much-awaited debut ended a long dry spell in the US IPO market for big tech names. The S&P 500 slid 1.8 per cent while Nasdaq dropped 2.4 per cent, adding to losses of more than 2 per cent each on Thursday. The solid first-day pop came despite weakness in the wider US stock market. Its IPO priced at $21 per share late on Thursday, $1 above the projected range of $18 to $20, and was several times oversubscribed. 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. The stock opened at $29 on the Nasdaq and soared as much as 50 per cent to a high of $31.60 in early trading. NEW YORK: Dropbox Inc’s shares closed at $28.42, up more than 35 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 sector languished.
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