Shares of Dropbox Surge in First Day of Trading - NBC Bay Area

Shares of Dropbox Surge in First Day of Trading

The stock rose $8.88, or 42 percent, to $29.89 in its first day of trading on the Nasdaq Friday

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    Dropbox CEO Drew Houston and Dropbox co-founder Arash Ferdowsi (C) celebrate the launch of Dropbox's initial public offering as they ring the opening bell at Nasdaq MarketSite, March 23, 2018 in New York City. Dropbox, a cloud storage provider, opened at $29 a share.

    Shares of the digital file storage company Dropbox are soaring after the company set its offering price above expectations.

    The San Francisco company was offering about 26.8 million shares of stock at $21 apiece, while selling shareholders were offering about 9.2 million shares. It was previously expected to offer shares at a range of $18 to $20.

    The stock rose $8.88, or 42 percent, to $29.89 in its first day of trading on the Nasdaq Friday.

    The company, founded 11 years ago, boasts about 500 million users. It provides services for backing up documents, photos and other video. It competes with smaller rival Box Inc., which went public two years ago, as well as technology behemoths Google, Microsoft and Amazon.