So This is How Dropbox Shares Did on Their First Date of Trading

Cloud storage company Dropbox made its debut in the market on Friday trading on the NASDAQ board.
What a day it was for Dropbox shares as they had the largest tech IPO since Snap in 2017.

The stock opened at $29 a share which was more than 40% higher than the $21 price that shares were priced at on Thursday. Closing at $28.48, the stock was still over 35% higher.

“We’re ready, and this is a step that we’ve been working on for a while,” the company’s CEO Drew Houston told CNBC’s “Squawk Alley” on Friday. “We look at the iconic tech companies out there and most of them had even more impact after they went public.”

Dropbox is in an industry with some big rivals that include Amazon and Google.

“We’ve always lived in a competitive environment … and importantly all our growth has happened in that environment,” Houston remarked. “We don’t see Amazon in our space. You know, things can change. We don’t count anyone out.”

Disclaimer: We have no position in Dropbox, Inc. (NASDAQ: DBX) and have not been compensated for this article.