Dropbox heads for trading debut after upsized IPO pricing

Dropbox IPO Price Per Share

Dropbox shares jumped 36 percent in Dropbox's debut as a public company, ending the day with a market value of about $10 billion. Its stock popped on its first trading day but has since fallen amid concerns about competition and its high valuation. As trading got going today, under the sign DBX, the supply opened up at $29, as well as while it's been backwards and forwards in the hrs because, it's still in the mid-$29 variety.

The cloud-based file-storage firm on Wednesday raised the expected price range by $2 to $18 to $20 per share, on the back of strong demand. However, as a public company Dropbox will be under pressure to quickly trim its losses.

Dropbox Inc.co-founder Drew Houston speaks in front of co-founder Arash Ferdowsi celebrate as Dropbox (DBX) is listed for the company's initial public offering (IPO) at the Nasdaq Market Site in NY, U.S., March 23, 2018.

Dropbox's debut is the biggest tech IPO since Snap Inc., the owner of multimedia messaging app Snapchat, went public on March 2, 2017. That represents just over 40 percent growth from the initial price, and gives the company a valuation of over $12.5 billion.

The IPO is yet another gauge of the ability of unicorns - tech startups valued at $1 billion or more - to thrive on the public market.

More news: Two policemen killed by bomb targeting Egyptian security chief

The regulatory filing Dropbox submitted for its IPO showed the company had more than 11 million paying users.

The company has yet to turn a profit, however, it reported a revenue of $11.1 billion, which is up from 2016's $844.8 million.

Like Snap, Dropbox warned prospective investors that it may never be profitable. The company was hacked in 2012, and over 68 million users' emails and passwords were leaked on the internet four years later.

Venture capital firm Sequoia Capital will retain a stake of about 25 percent. Its full-year net loss, meanwhile, almost halved to $111.7 million.

This post originally appeared on Business Insider.

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