Dropbox Shares Soar as Much as 48% in Market Debut
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Dropbox Inc. exceeded its most recent private valuation in its market debut, as shares jumped after pricing above their marketed range in the biggest technology initial public offering of the year.
Dropbox shares soared as much as 48 percent to $31 at 11:37 a.m. in New York, giving the company a market value of $11.9 billion. The file-sharing company sold 36 million shares for $21 apiece on Thursday to raise $756 million. 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.