Dropbox is set to make its public market debut tomorrow, Friday. The offering is 25-times oversubscribed, according to CNBC‘s source.
Over the past couple of days, Dropbox has raised the target price of its shares fairly significantly. Just a couple of days ago, Dropbox filed amended paperwork saying that its shares will sell for between $18 and $20, which was itself up from the $16 to $18 range set forth in the original filing.
If Dropbox shares hit public markets at $21, as CNBC‘s source suggests, the company will be valued at around $8.2 billion, which is still down from its last private market valuation of $9.7 billion at the company’s Series C round, according to Crunchbase data.
Still though, at this new price, Dropbox raised $750 million from investors.
Illustration: Li-Anne Dias