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Dropbox Prices IPO Above Expectations At $21

Dropbox, the file storage and sharing application popular with consumers, raised the price of its shares to $21.00, according to a source cited by CNBC.

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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

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