Dropbox finishes up 36% on first day of trading
Summary
It’s surely a sign of public investor enthusiasm for the cloud storage business, which had initially hoped to price its IPO between $16 and $18, then raised it from $18 to $20.He said that now was the time for Dropbox to list because “the business had reached a level of scale and also cash flow that warranted a public debut.”He also talked about the early days of Dropbox pitching at a TechCrunch event in 2008 and how disappointed they were that the slides stopped working during the presentation.John Lilly, a general partner there, said he “invested in Dropbox because Drew and the team had an exceptionally clear vision of what the future of work would look like and built a product that would meet the demands of the modern workforce.”We talked about Dropbox’s first day and the outlook for upcoming public debuts like Spotify on our “Equity” podcast episode below.
