Dropbox IPO priced at US$21 per share

Dropbox IPO

"In the case of Dropbox, investors get a chance to get exposure to a next-generation tech company, which is a proven business model", said Tom Taulli, InvestorPlace.com analyst.

The initial public offering of Dropbox Inc. may help end the lack of Silicon Valley companies from going public thanks to their own high private valuations.

Dropbox sold 36 million shares in its IPO at $21 each, according to the report.

Dropbox's initial offering price range for its IPO was in a range of $16 to $18 per share. As one of the few companies valued at $1 billion or more to test the public markets in recent years, Dropbox, with a solid debut, could entice more of them to pursue IPOs.

Dropbox shares jumped on Friday in the cloud storage provider's first day of trading on the Nasdaq. Dropbox gives away a basic level of storage for nothing but charges for premium services, including pricier business subscriptions. While the IPO places Dropbox's (DBX) value at almost $9.2 billion, that's still somewhat lower than the $10 billion valuation DropBox had during its last round of private funding in 2014. The company has a positive cash flow and is edging close to producing a profit, while revenue growth is over 30% higher than previous year.

Uber, the most valuable private tech company, is not expected to go public until next year. While Blue Apron was founded in 2012 and went public within five years, Dropbox co-founders Houston and Ferdowsi have had more than a decade to prepare for this moment.

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Dropbox, whose users store and share files online through its cloud service, might have gotten more leeway because it achieved a favorable financial profile while private. Its net loss, however, was almost halved, to $111.7 million.

Dropbox attracted many other investors such as Sequoia Capital and Accel Partners.

The company will also use this time in the limelight to inform users of its different functions.

Dropbox competes with Box as its main cloud storage rival, as well as consumer cloud offerings from Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN) and Google (NASDAQ: GOOGL).

Like Snap, Dropbox warned prospective investors that it may never be profitable. LLC and J.P. Morgan Securities LLC are joint lead bookrunning managers.

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