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(Reuters) — Dropbox 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.

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.

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The company is expected to announce the pricing on Thursday and begin trading on the Nasdaq on Friday.

(Reporting by Sweta Singh and Nikhil Subba in Bengaluru; Editing by Anil D’Silva)

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