Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    English version of Egypt's tax facilitation initiative laws – full text    UK to seal 1st post-tariff war trade deal with US    Egypt, Japan discuss ICT cooperation, AI strategy alignment    Egypt's FM urges stronger African role in global governance    Egypt, Bahrain discuss enhanced pharmaceutical cooperation    Egypt's EHA partners with Danone Egypt on clinical nutrition    Qatar holds key interest rates steady    Tax Authority prepares comprehensive guide on exported services: Abdel Aal    Egypt, Qatar reaffirm joint mediation efforts amid escalating Gaza crisis    Egypt-Greece trade exchange falls to $1.6bn in 2024: CAPMAS    Fotouh Al-Kuwait to build EGP 86m packaging factory in Sokhna Industrial Zone    Egypt, Greece sign strategic partnership in Athens, hold 1st cooperation council    Minister of Health discusses strengthening healthcare partnership with AFD    India strikes Pakistan, Islamabad claims 5 Indian jets downed amid escalation    Egypt welcomes Oman-brokered US-Yemen ceasefire agreement    Egypt inks deal with Merck to advance healthcare training    Health Minister orders expansion of residency training programmes to strengthen medical workforce    Al Ismaelia, Coventry University Cairo partner on urban development education    Egyptian FM addresses Arab Women Organization Conference opening    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dropbox IPO oversubscribed: sources
Published in The Egyptian Gazette on 19 - 03 - 2018

March 19, 2018 - (Reuters) - Cloud storage company Dropbox Inc's [DBX.O] initial public offering was oversubscribed, two people familiar with the matter said on Monday, indicating healthy demand for the first big tech IPO this year even as tech stocks opened the week on sour note.
While investor appetite looked encouraging with three days to go before final pricing, it was not clear if that would be strong enough to lift the deal above of the initial range of $16 to $18 a share that Dropbox set last week. The offering is expected to price Thursday, and the stock will start trading on the Nasdaq on Friday.
"It is early to predict the pricing. But what I can say is that from the conversations it seems the market is interested in it and IPO seems to be bright," a separate source told Reuters. The three sources asked not to be named as the IPO pricing process was still underway.
Dropbox's IPO comes in what is sizing up to be a challenging week for stocks, with the U.S. Federal Reserve set to raise interest rates on Wednesday, a day before the Dropbox deal is set to close.
Tech shares also fell hard to open the week, with Nasdaq down more than 2 percent on reports of Facebook Inc's (FB.O) latest data privacy problems.
Dropbox's IPO also comes on the heels of an upsized deal last week from cyber security firm Zscaler Inc (ZS.O) and is being watched as a barometer of investor enthusiasm for tech unicorns - young companies valued at more than $1 billion - after Snapchat owner Snap Inc's (SNAP.N) shares cratered following a much-touted IPO a year ago.
Dropbox is selling 36 million shares, and the offering could be increased by 5.4 million if underwriters exercise their right to buy more stock. At the high end of the indicated pricing, it could raise nearly $650 million, making it the largest tech IPO since Snap hit the market just over a year ago.
The current price range suggests the San Francisco company, co-founded in 2007 by Andrew Houston and Arash Ferdowsi, will hit the public market valued at roughly $7 billion, a hefty discount to the $10 billion implied by its last funding round in 2014.
The company has 500 million users and competes with Alphabet Inc's (GOOGL.O) Google, Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and has Box Inc (BOX.N) as its main rival.


Clic here to read the story from its source.