Dropbox priced its Initial Public Offering above expectations at $21 U.S. per share on Thursday night, setting the stage for the software company's stock to hit the public market on Friday.
The company sold 36 million shares, and a source told the media that the offering was 25 times oversubscribed. Dropbox, which raised $756 million in the largest tech IPO since Snap last year, will trade on the NASDAQ under the ticker "DBX."
The pricing gives the company an initial market capitalization of over $8.2 billion, lower than the $10-billion valuation it received in a 2014 private funding round.
Dropbox's expected range was $18 per share to $20 per share, which was was up two dollars a share from the company's earlier estimate of $16 per share to $18 per share.
The cloud storage company's IPO has been highly anticipated despite an especially challenging week for tech stocks after Facebook's recent data scandal. Its success could be a sign of the strength of tech "unicorns," young companies valued at more than $1 billion.
Dropbox revenues came in at more than $1 billion in 2017 and also reported 500 million registered users when its plans to go public were revealed in February.
The company posted a net loss of $111.7 million in 2017, a narrower loss than $210.2 million a year earlier.
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).
