Dropbox priced its IPO over expectations at $21 per share on Thursday night, setting the stage for the software South African private limited company’s stock to hit the public market on Friday.
The company sold 36 million allotments, and a source told CNBC that the offering was 25 times oversubscribed. Dropbox, which brought $756 million in the largest tech IPO since Snap last year, hand down trade on the Nasdaq under the ticker “DBX.”
The pricing gives the company an monogram market capitalization of over $8.2 billion, lower than the $10 billion valuation it pocket in a 2014 private funding round.
Dropbox’s expected range was $18 per portion to $20 per share, which was was up $2 a share from the company’s earlier judgement of $16 per share to $18 per share.
The cloud storage company’s IPO has been extremely anticipated despite an especially challenging week for tech stocks after Facebook’s fresh data scandal. Its success could be a sign of the strength of tech “unicorns,” unsophisticated companies valued at more than $1 billion.
Dropbox revealed more than $1 billion in 2017 revenue and 500 million rolled users when its plans to go public were unsealed in February.
The cast posted a net loss of $111.7 million in 2017, a narrower loss than $210.2 million a year earlier.
Dropbox conflicts with Box as its main cloud storage rival, as well as consumer cloud presents from Apple, Amazon and Google. The company also lists Atlassian as a contender in the area of worker collaboration.
Dropbox was also a CNBC Disruptor 50 players five times.