Dropbox Inc. ended its first day of trading Friday more than 35% higher than its initial public offering price, even as the S&P 500 index and Dow Jones Industrial Average struggled. Dropbox stock gained 35.6% from its $21 IPO price to close at $28.48, giving the cloud-storage company a market valuation of $9.66 billion, according to FactSet. That is just shy of the $10 billion valuation the company received in a 2014 funding round. The company raised more than $750 million by selling at least 12 million shares in the IPO. Box Inc. –considered by some to be a rival, though Box Chief Executive Aaron Levie does not agree — fell 8.2% on the day.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News