Cloud data service Dropbox set a share price of $21 (roughly Rs. 1,370) for its Nasdaq market debut, a higher bar than expected that values the startup at some $8 billion (roughly Rs. 52,000 crores).
Shares in the San Francisco-based technology firm are to begin trading with ring of the bell opening the market on Friday, with a goal of raising some $750 million (roughly Rs. 4,900 crores).
Strong expected demand shows not all tech companies have been hit by the events of this week, when big players, especially in social media, have seen their shares dive following reports that a data analysis firm hired by Donald Trump’s presidential campaign misused personal information of some 50 million Facebook users.
Dropbox also plans a $100 million stock sale to the venture capital arm of Salesforce, according to an earlier filing.
Dropbox is one of a number of tech firms centred around the Internet “cloud,” allowing users to store data for remote access by any internet-linked devices.
Storing digital data from music and films to documents, presentations and images has become big business with the lifestyle shift to accessing content and services online.