Dropbox started 10 years ago as a small startup in the San Francisco-based Y Combinator incubator program but as the company went public Friday its shares not only soared, they also became the biggest tech IPO since Snapchat’s in March 2017.
Dropbox ended its first day of trading, boasting an impressive market valuation of around $10 billion. The company is now associated under ticker symbol “DBX.”
The Cloud storage and collaboration company priced its shares at $21, above its initial projected $18 to $20 range.
Dropbox’s business, holds at present a paying subscriber count of around 11 million, with the majority of this figure composed of individual cloud storage plans sold to consumers.The company also sells businesses on company-wide enterprise-grade subscription plans linked to collaboration tools such as Microsoft Office.