Dropbox, Inc. (NASDAQ: DBX) stock opened more than 40 percent higher at $29 a share and closed more than 35 percent higher at $28.48 per share on its first day of the trading. The file hosting service listed $756 million IPO under the trading symbol DBX, with 36 million shares prices at $21 Thursday, above the expected range of $18 to $20.
Founded in 2007, Dropbox serves more than 500 million registered users across 180 countries. Currently, 80% of its 11 million paying customers use Dropbox for work.
"Today we`re taking an important step in our journey. I`m so grateful to all of our customers and our incredible team for getting us here," said Drew Houston, Co-Founder and Chief Executive Officer. "Nasdaq has always championed innovation and entrepreneurship, and we`re thrilled to partner with them as we become a public company."
"For more than a decade, Dropbox has transformed how people around the world access and share their most important information. They have expanded from keeping files in sync to keeping entire teams in sync, enabling users to share and collaborate," said Adena Friedman, President and Chief Executive Officer, Nasdaq. "We are excited to welcome Dropbox to our family of visionaries as they continue to grow, innovate and reimagine the way work gets done."
07 Sep, 2018