Dropbox Inc.'s stock DBX, +39.71% debuted at $29 on the Nasdaq, or 38% above the $21 initial-public-offering price. The first trade was executed at 11:35 a.m. ET, for 7,792,534 shares. The cloud-storage company's IPO priced late Thursday above the expected range of $18 to $20 a share, to raise $756 million, before options granted to underwriters. The stock was last up 44% at $30.18, giving the company a $10.24 billion market capitalization. The stock has traded in a range of $28.80 to $31.00 since the open. Dropbox's IPO comes at a time when the Renaissance IPO ETF IPO, -1.10% has gained 2.2% over the past three months and the S&P 500 SPX, -0.30% has lost 1.5%.