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Dropbox Shares Skyrocket

Dropbox shares closed at US$28.42, up more than 35 percent, in their first day of trading last week, as investors rushed to buy into the biggest US technology sharemarket float in more than a year.

The stock had opened at $29 on the Nasdaq on Friday and soared as much as 50 percent to a high of $31.60 in early trading.

At the stock’s opening price, Dropbox had a market valuation of $12.67 billion, well above the $10 billion valuation it had been given in its last private funding round.

Dropbox’s much-awaited debut ended a long dry spell in the US IPO market for big tech names.

The solid first-day pop came despite weakness in the wider US stockmarket.

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