Dropbox’s shares closed at $28.42, up more than 35% in their first day of trading on Friday, as investors rushed to buy into the biggest technology initial public offering in more than a year even as the wider sector languished. The stock opened at $29 on the Nasdaq and soared as much as 50% to a high of $31.60 in early trading. At the stock’s opening price, Dropbox had a market valuation of $12.67bn, well above the $10 billion valuation it had in its last private funding round. Its IPO priced at $21 per share late on Thursday, $1 above the projected range of $18 to $20, and was several times oversubscribed. The solid first-day pop came despite weakness in the wider U.S. stock market. The S&P 500 slid 1.8% while Nasdaq dropped 2.4%, adding to losses of more than 2% each on Thursday. The S&P tech index was down 2.73%. Dropbox’s much-awaited debut ended a long dry spell in the US. IPO market for big tech names. The last so-called tech unicorn to hit the market was Snap Inc last March,...
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