REUTERS: Dropbox Inc has raised the price range for its initial public offering by $2 following strong demand for the first big tech IPO this year.
The cloud storage company now expects the offering to be priced between $18 and $20 per share, up from its previous range of $16 to $18.Â
The new price range suggests the San Francisco company, co-founded in 2007 by Andrew Houston and Arash Ferdowsi, will hit the public market valued at up to $7.85 billion.
Sources had told Reuters on Monday that the offering was oversubscribed.
The company is expected to announce the pricing on Thursday and begin trading on the Nasdaq on Friday.
