Dropbox Share Price Hits $29 At First Day Of Trading

photo credit: Dropbox

Dropbox, a file-sharing platform went IPO at $21 per share but suddenly saw a surge of about 40% in its share price. The company, Dropbox, listed as “DBX”, with 36million shares at $21, amounting to $756m, and is presently valued at about $9.2 billion.

Dropbox has about 500m registered users in about 180 countries,17 languages, and 11 million pays for its service. The company offers its services as file sharing and cloud storage platform.Its competitors are Google, Microsoft.

Dropbox, which was once valued at $10 billion in 2014, made a revenue last year of $1.1 billion. Dropbox is ranked 91 by Alexa. It was founded by Drew Houston and Arash Ferdowsi.

Dropbox is written in Python, Go and Coffeescript.