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