By Sweta Singh
March 23 (Reuters) - Having topped expectations with theupsized price of its initial public offering, Dropbox Incon Friday faces its next big challenge: a successfullaunch of trading when global stock markets are the defensiveand tech shares are particularly soft.
The cloud storage company's debut marks an end to a long dryspell in the
Its shares, which priced late Thursday at
The question is whether the hot demand that drove up its IPOprice underpins a strong bid for its shares on a day when
Still, the strength of the IPO, which was several timesoversubscribed, suggests to some that an open to the upside islikely.
"Dropbox is likely to jump at the open today. A jump to
The IPO values Dropbox at
A strong debut would bode well for music streaming serviceSpotify - valued at roughly
Dropbox is yet to turn in a profit, but that's common forstartups that invest heavily in growth. However, as a publiccompany Dropbox will be under pressure to quickly trim itslosses.
The company reported revenue of
Its popular cloud storage platform has 500 millionregistered users and 11 million paid users and the companycompete with much larger companies such as Alphabet Inc'sGoogle, Microsoft Corp, Amazon.com Inc. Box Inc as its main rival.(Reporting by Sweta Singh in BengaluruAdditional reporting by Nikhil SubbaEditing by Dan Burns)