Data-sharing and cloud-storage firm Dropbox raised a total of $756m from its IPO, valuing the company at more than $8bn. It marked the largest IPO from a US tech company since Snap’s debut last March.
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Transaction Details—Dropbox
Nationality: United States
Industry: Technology
Deal Value ($m): 756
Deal Type: IPO
Exchange: Nasdaq
Priced: March 22, 2018
Bookrunners: Goldman Sachs, JPMorgan, Deutsche Bank, Allen & Co, and Bank of America Merrill Lynch
Key Points
- Largest IPO from a US tech firm since Snap’s $3.9bn offering in March 2017
- Largest IPO on Nasdaq from a US tech firm since Sabre Corp raised $721m in April 2014
- DropBox’s opening trade represented a 38% increase to their offer price
- Tech leads all industries for US IPOs with a +26% change offer/open price so far this year
- Momentum in global tech IPOs has continued into 2018 with a total of $5.8bn raised from 49 deals so far. This followed an active 2017 (303 IPOs), when activity hit the highest level since the dotcom boom (380 IPOs in 2001)
- Global IPOs across all sectors climbed to $42.6bn this YTD, the highest in 3 years (after $36.5bn in 2015 YTD), though activity dropped 13% year-on-year to 307 IPOs
3 most recent IPOs from US tech firms > $700m
- Dropbox, $756m | United States | Nasdaq | March 2018
- Snap, $3,910m | United States | New York Stock Exchange | March 2017
- First Data Corp, $2,817m | United States | New York Stock Exchange | October 2015
3 most recent unicorn tech IPOs
- Dropbox, $756m | United States | Nasdaq | March 2018
- Zscaler, $221m | United States | Nasdaq | March 2018
- PagSeguro Digital, $2,606m | Brazil | New York Stock Exchange | January 2018
Data source: Dealogic, as of March 23, 2018