Dropbox Inc. exceeded its most recent private valuation in its market debut, as shares jumped after pricing above their marketed range in the biggest technology initial public offering of the year.
Dropbox shares soared as much as 48 percent to $31 at 11:37 a.m. in New York, giving the company a market value of $11.9 billion. The file-sharing company sold 36 million shares for $21 apiece on Thursday to raise $756 million. 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.
The company, founded by Drew Houston and Arash Ferdowsi in 2007, was valued at $10 billion in its last private funding round four years ago.
The stock is trading on the Nasdaq Global Select Market under the symbol DBX.