Deals
Dropbox Tops Private Valuation as Shares Soar in Market Debut
- Shares open at $29 apiece, climb above $30 in early trading
- Dropbox is already cash-flow positive, heading toward profit
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Dropbox Inc. exceeded its private valuation in its market debut, as shares soared after pricing above their marketed range in the biggest technology initial public offering of the year.
Shares jumped as much as 50 percent to $31.60 apiece in New York trading, giving the file-sharing company a market valuation of more than $12 billion. Dropbox, founded by Drew Houston and Arash Ferdowsi in 2007, was valued at $10 billion in its last private funding round four years ago.