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Dropbox shares surge in biggest tech debut since Snap

Dropbox shares surge in biggest tech debut since Snap

Cloud data service Dropbox set a share price of $21 for its Nasdaq market debut, a higher bar than expected that values the startup at some $8 billion. Shares opened at 29, higher by 38%, but quickly went past 31, up almost 50%.

The cloud-storage company was worth almost $12 billion, above its most recent private valuation.

While DropBox has revealed the total user count and the number of paying customers, many competitors don't reveal how many premium customers they have.

At an unpredictable time for tech companies and social media giants, California-based tech unicorn Dropbox looks to be entering a higher gear, following a better-than-expected IPO posting. It competes with smaller rival Box Inc., which went public two years ago, as well as technology behemoths Google, Microsoft and Amazon. San Francisco-based Dropbox offered the shares for $18 to $20 apiece after strong demand from investors prompted an increase from the initial range of $16 to $18.

After Snap's disappointing IPO - it is now trading roughly 4% below its $17 IPO price - analysts believe the Dropbox and Spotify offerings boost the tech IPO market this year. Sunlands Online Education (STG) priced 13 million American Depositary shares at 11.50 and opened at 13.10 for a gain of 13.9% at first trade.

Dropbox's initial public offering could pave the way for other unicorns to soon go public, letting their early investors and founders cash in on huge investment gains that now only exist on paper.

The company raised $756 million in its initial public offering, Bloomberg reported, citing someone familiar with the information.

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Despite the size of the offering, co-founder Drew Houston (pictured) isn't losing much control to public investors.

The company will also use this time in the limelight to inform users of its different functions. Its losses have narrowed to $112 million previous year from $326 million in 2015, and the company says it is moving toward becoming profitable.

It was last trading at $29.90, up 42 percent.

The 11-year-old company has never turned a yearly profit, which isn't uncommon for tech startups seeking to go public.

Dropbox is trading on the Nasdaq with the ticker DBX.

The cloud-storage company raised $563 million in the offering, assuming it stuck with its previously announced plan to sell about 26.8 million shares.

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