Dropbox on Friday pulled off the largest tech IPO since the public market debut last year of Snap, with shares trading at more than 30 percent above the initial price.
Dropbox traded under the symbol "DBX" on Nasdaq at US$29 a share. Earlier this month the company set its IPO price range of between US$16 and US$18 per share.
As of 3:23 p.m. ET, Dropbox shares were trading up US$7.37 (35.10 percent) to US$28.37. The company's shares had moved as high as US$31.34 per share earlier in the day.
Dropbox, in its most recent S-1 filing, reported 2017 revenue of US$1.11 billion, up from US$844.8 million in 2016 and US$603.8 million in 2015. The company reported a net loss for 2017 of US$111.7 million, down from US$210.2 million in 2016 and US$325.9 million in 2015.
Dropbox claims to have over 500 million users in over 180 countries. They have stored over 400 billion pieces of content, as of 31 December.
About 11 million of Dropbox's users in 2017 were paying customers, up from 8.8 million in 2016 and 6.5 million in 2015.
Dropbox counts as its competitors in the cloud storage market products from vendors such as Amazon, Apple, Box, Google, and Microsoft. When it comes to the content collaboration market, competing products come from Atlassian, Google, and Microsoft, the company said.
In the SMB space, Dropbox faces competition from smaller companies in the cloud storage and content collaboration markets including many who target SMB customers via channel partners, including eFolder, Datto, and Egnyte.