Dropbox shares surge after March 2018 IPO

Dropbox Hasn't Built a Moat

At one point during early trading the share price surged by 50 percent to $31.60. The file-sharing company sold 36 million shares for $21 apiece on Thursday to raise $756 million.

Including the restricted stock units, the value of the company now increases to over $9.1 billion.

The consumers who are looking for a deal in cloud storage may ignore Dropbox as they can go for more liberal cloud storage like Google, Microsoft, Amazon, and Apple.

The company has yet to turn a profit, but its revenues have grown rapidly over the past few years from $603 million in 2015 to over $1 billion in 2017.

Shares jumped as much as 50 percent to $31.60 apiece in NY trading, giving the file-sharing company a market valuation of more than $12 billion. However, with a growing family of 500 million subscribers in 180 countries, only 2% (11 million) are using paid services.

At the time of the Dropbox IPO, the stock sold for $21 per share. It falls just below the $10 billion the company commanded in 2014 from private investors, but it would be the largest offering in the industry since Snap Inc.'s IPO past 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.

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Dropbox provides free cloud storage, file synchronization and personal cloud feature along with client software. Dropbox, which raised $756 million in the largest tech IPO since Snap a year ago, will trade on the NASDAQ under the ticker "DBX".

Andrew W. "Drew" Houston, the co-founder and CEO of Dropbox. Deutsche Bank Securities, Allen & Company LLC, BofA Merrill Lynch, RBC Capital Markets, Jefferies, and Macquarie Capital (USA) Inc. are acting as joint book running managers.

"But at the same time, the environment is also competitive".

Dropbox posted a revenue of $1.11bn in 2017, up 31% year-on-year, as it almost halved its full-year net losses from the $210.2m it returned in 2016. It is the biggest stock debut since Snap Inc (SNAP.N) accumulated $3.9 billion in its debut a year ago. In 2018, though, all eyes have been on Dropbox and its own plans to go public.

"Dropbox has partnerships with cloud computing companies like Salesforce", Barron's noted.

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