Dropbox Inc Stock Rises 35% to $12 Billion Market Value at IPO
Dropbox Inc., the file storage company saw its stock price rising 35.62% ($28.48) to more than $12 billion market valuation at IPO. The IPO was priced at $21, raising $756 million for the company which has more than 500 million users in 180 countries.
” Dropbox Soared 35% at IPO to $12 Billion Market Value “
In 2016, the revenue increased from $845 million (2015) to $1.1 billion while company net loss reduced from $210 million (2015) to $112 million. Prior to IPO, Dropbox and Salesforce have announced a partnership to integrate and sell Sales force solutions with Dropbox tools, and Dropbox agreed to sell $100 million of stocks to salesforce.com Inc venture capital unit.
The lead underwriters are Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG, Bank of America Merrill Lynch and Allen & Co. Dropbox is listed on Nasdaq Global Select Market under the symbol DBX. Dropbox co-founder and Chief Executive Officer Andrew Houston have a 24% stake and Venture capital firm Sequoia Capital have about 25% stake in the company.
Dropbox is a leading global collaboration platform that’s transforming the way people and teams work together. With more than 500 million registered users across 180 countries, we’re on a mission to unleash the world’s creative energy by designing a more enlightened way of working. Dropbox is headquartered in San Francisco, CA, and has 12 offices around the world.
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