Dropbox heads for trading debut after upsized IPO pricing

Dropbox Hasn't Built a Moat

Dropbox shares went for more than expected.

Streaming music leader Spotify Technology SA is scheduled to do a direct listing of shares on the New York Stock Exchange on April 3. Dropbox shares surged yesterday as the cloud data storage firm made its Wall street debut following a public offering raising some US$750 million (RM2.9 billion). That swelled to more than $12 billion by midday Friday.

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

More news: Avengers Infinity War: Thanos and Thor will Have the Most Screentime

The company says more than 90 percent of Dropbox's revenue comes from individual users purchasing subscriptions. It competes with smaller rival Box Inc., which went public two years ago, as well as technology behemoths Google, Microsoft and Amazon. The company cut expenses and found its focus, growing to 500 million users storing and sharing files online through its cloud service.

Dropbox's IPO price was set at $21, but the company opened at $29 and continued to rise to over $31 per share, surging almost 43 percent.

The IPO values Dropbox at $9.18 billion, not far from the $10 billion valuation the company had in its last private funding round. It has priced its IPO (Initial Public Offering) at $ 21 per share that and this new price has valued the company at over $8.2 billion. On average, US -listed companies have sold 39% of their shares in an IPO this year, while USA -listed technology companies have sold 22% of their stock, according to Dealogic data. It provides services for backing up documents, photos and video.

More news: USA large retailers urge Trump against China tariffs

The cloud storage company's IPO was the largest tech offering since Snap Inc. went public past year. It is the biggest stock debut since Snap Inc (SNAP.N) accumulated $3.9 billion in its debut a year ago. Its full-year net loss, meanwhile, almost halved to US$111.7 million. Dropbox also has begun offering storage for businesses.

Drew Houston is not your typical chief executive.

"But at the same time, the environment is also competitive".

More news: Family, neighbors react to Amy Yu's return to Allentown, Kevin Esterly's arrest

The main underwriters for the offering are Goldman Sachs Group Inc. and JPMorgan Chase & Co., though the filing lists many other participating banks: Deutsche Bank Securities, Allen & Co. However, as a public company Dropbox will be under pressure to quickly trim its losses.

Related:

  • WrestleMania update on AJ Styles, John Cena talks Daniel Bryan

    WrestleMania update on AJ Styles, John Cena talks Daniel Bryan

    Joseph Maroon had given Daniel Bryan the all-clear - as well as leading neurosurgeons, neurologists, and concussion experts Dr. Knowing that, let's talk about what we've been talking about all week: possible, current WWE dream matches for Daniel Bryan .
    Pop stars to play first North Korean concert in a decade

    Pop stars to play first North Korean concert in a decade

    For the first time since 2005, South Korea's famous music artists will hold a concert in North Korea. Various artists are traveling to North Korea for a special performance.
    Darious Hall provides hope for Arkansas' future in disappointing NCAA Tournament loss

    Darious Hall provides hope for Arkansas' future in disappointing NCAA Tournament loss

    We just talked about survive and advance. "They've got firepower and some offensive weapons that can get you back in the game". Kelan Martin scored 27 points and Kamar Baldwin added 24 for Butler, which advanced to face second-seeded Purdue on Sunday.
  • MS  law bans abortions past 15 weeks gestation

    MS law bans abortions past 15 weeks gestation

    Soon after signing the bill, the governor tweeted: "I was proud to sign House Bill 1510 this afternoon". Courts have consistently struck down similar bans on abortion before viability as unconstitutional.
    Uber Death Elicits Warning From Union Leery of Robo-Truckers

    Uber Death Elicits Warning From Union Leery of Robo-Truckers

    As a result Uber has suspended all testing of its self driving cars across the world, including here in Toronto. This is due to her stepping from the shadows near the median and into the path of the vehicle .
    NCAA Tournament Recap and Sweet 16 Preview

    NCAA Tournament Recap and Sweet 16 Preview

    The NCAA Tournament , otherwise known as " March Madness " is one of the most fun and exciting times in all of sports. Hence the optimism is high for Ramblers fans as they approach the region semifinals at Phillips Arena Thursday.
  • Public urged to work together to fight against tuberculosis

    Public urged to work together to fight against tuberculosis

    Facilities for treating drug-resistant TB have also witnessed a decentralization over time - from six in 2016 to 14 this year. Pharmaceutical companies are involved in over 30 partnerships to increase access to TB treatment, diagnosis and care.
    Ninja's Monthly Earnings Top $500000 Streaming Fortnite on Twitch

    Ninja's Monthly Earnings Top $500000 Streaming Fortnite on Twitch

    PUBG Mobile is available now for Android or iPhone and is hands-down the best battle royale title for mobile gamers. The Fortnite leprechaun skin doesn't just look great, it also seems to offer a huge strategic advantage.
    Explosion Inside Texas FedEx Location Believed to be Tied to Serial Bomber

    Explosion Inside Texas FedEx Location Believed to be Tied to Serial Bomber

    The explosion follows a string of four package-bombings in Austin that have left two victims dead and four injured since March 2. The ATF could not confirm that the latest explosion is associated with the Austin blasts, ATF spokeswoman Nicole Strong said.
  • Thomas Mueller Bails World Champions Germany Out Against Spain

    Thomas Mueller Bails World Champions Germany Out Against Spain

    Isco forced a good save from ter Stegen, while on the other end, Mats Hummels went close in the 65th minute. I believe my team is nearly ready for the World Cup. "We're putting in a solid level of performance".
    Boko Haram Jihadists Free Nigerian School Girls

    Boko Haram Jihadists Free Nigerian School Girls

    UNICEF has expressed delight over the return of the Kidnapped Dapchi school girls abducted on the 19th February by Boko Haram . Nigeria's Information Minister Lai Mohammed said the government had not paid Boko Haram a ransom to secure the girls' release.
    Telangana CM to meet Mamata Banerjee March 19

    Telangana CM to meet Mamata Banerjee March 19

    Accompanied KCR, who travelled to Kolkata from Hyderabad this morning, was Rajya Sabha MP K Keshava Rao and Nizamabad MP Kavitha. Speaking to media persons later, Khuntia said that the Congress party was serious on the issue of SC categorisation.

Comments

Latest news

Palestinian teen sentenced to 8 months for slapping Israeli soldiers
She can be the megaphone of the hundreds of Palestinian children who remain locked up with little attention paid to them. The trial, set to resume Wednesday in a West Bank military court, is expected to drag on for months, Tamimi said .

Asian shares slump on fears of trade war between US, China
A gauge of stocks across the world put out by MSCI fell almost 2 percent and lost 3.4 percent of its value during the week. The S&P technology index has lost 5.3 percent in the past four days in the aftermath of Facebook's data privacy issues.

Fed boosts interest rate, predicts two more hikes this year
Traders were responding the first rise in the U.S. benchmark interest rate this year, announced by the Fed on Wednesday. The US is projected to grow at 2.7 per cent in 2018, up from 2.5 per cent projected in December.

Kate Middleton Attends Last Events Before Maternity Leave
For the event, the Duchess of Cambridge dressed in a brand-new maternity outfit, not to mention a brand-new color scheme. Past year more than nine million people took part across the 53 Commonwealth countries.

Koreas Hold Summit Prep Talks Next Week
Moon said negotiations are continuing ahead of the "historic talks" planned for next month with North Korean dictator Kim Jong Un. President Trump's decision to agree to denuclearization talks by the end of May caught allies and adversaries by surprise.

Peruvian President announces resignation before impeachment vote
In December he pardoned former President Alberto Fujimori from jail in an apparent deal with lawmakers to avoid an impeachment. President Trump has said he will attend the event - making it his first stop in Latin America since taking office.

That interstellar asteroid probably came from a solar system with two suns
A team of researchers has examined the data collected on Oumuamua trying to determine where this asteroid is coming from. The cigar-shaped rock tumbling through our solar system may be more alien than we thought.

Morata wasn't happy with Spain snub, admits Alonso
Lopetegui has not ruled out taking the former Juventus striker to the World Cup in Russian Federation however. Morata found the net with a confident sidefoot finish in Chelsea's 2-1 FA Cup win over Leicester on Sunday.

Blocked sensor prompts recall of 452000 Kidde smoke alarms
No reports of incidents or injuries as a result of a cap being present have been reported. No smoke alarms installed by Sioux City Fire Rescue are involved with the recall.

New moms scrambling with Babies "R" Us stores closing soon
NPD's Consumer Tracking Service has found that Toys "R" Us represented approximately 12% of U.S. toy industry sales in 2017. Nevertheless, going to the store is still a ritual for a number of families that want to see the toy before buying it.

Ex-Playmate Sues to Spill Beans About Trump
Her lawyer then told her that the company wasn't interested in her story but that "he and AMI updated Mr. She was previously given a $130,000 payout for her silence on her interactions with Trump.

Geelani steps down from TeH post
He extended his fullest cooperation and honest wishes to the would-be leadership of the organization. NIA has arrested several senior pro-freedom leaders in the past one year.

NY senator introduces bill for animal welfare after dog dies on flight
However, our flight attendant did not hear or understand her, and did not knowingly place the dog in the overhead bin. During the "dog-in", a legislation was unveiled to create a new Pet Passenger Bill of Rights called Kokito's Law.

Apple Is Test Building Its Own MicroLED Displays In A Secret Facility
The backplanes, an underlying component that electronically powers the displays , are developed at the Taiwan facility. The key difference is that MicroLED can be brighter than OLED displays and don't suffer as much from burn-in issues.

Turkey-backed Syrian forces seize control of Afrin's centre
Ankara said the demand did not apply to Afrin, but its operation has faced criticism in the West. He added, "Our forces all over Afrin will become a constant nightmare for them".

Other news