WASHINGTON (dpa-AFX) - Dropbox Inc. (DBX) Thursday priced its initial public offering at $21 per share, above its expected range, according to the Wall Street Journal.
The new price would give the company a valuation of about $9.2 billion, up from the expected valuation of between $7.88 billion and $8.75 billion. Dropbox was given a $10 billion valuation by privates investors in a private funding round in 2014.
On Tuesday, the online file-storage company had raised its initial public offering price range to $18 to $20 per share from initial target of $16 to $18 per share.
Dropbox's IPO would raise proceeds of $756 million, in addition to $100 million Salesforce.com Inc. invested in the company through a private placement just before the listing.
Dropbox will start trading Friday on the Nasdaq under the ticker DBX.
Dropbox, which was founded in 2007 by Drew Houston and Arash Ferdowsi, allows its users to store and share documents, photos, videos and other files online. The file-storage and sharing service is actually has big competition with Apple, Google, Microsoft and Amazon all offering similar services.
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