Dropbox Raises $756 Million After Pricing IPO Above RangeBy
Dropbox Inc. raised $756 million in its U.S. initial public offering, according to a person familiar with the matter, pricing its shares above an already increased range.
The file-sharing company sold 36 million shares for $21 apiece, said the person, who asked not to be identified because the details are private. Based on the number of shares to be outstanding after the offering, Dropbox would make its public company debut at a market value of about $8.2 billion.
San Francisco-based Dropbox offered the shares for $18 to $20 apiece after strong demand from investors prompted an increase from the initial range of $16 to $18.
A representative for Dropbox declined to comment.
The company plans to list on Nasdaq Global Select Market under the symbol DBX.