Box Steps Back Onto IPO Runway
Web-based data storage provider Box, which retreated from plans to go public last spring, is now preparing to make another run at an initial public offering.
In an amended filing with the Securities and Exchange Commission today, Los Altos, CA-based Box says it seeks to raise as much as $162.5 million from an offering of common stock at $11 to $13 per share.
Box might raise less at the lower end of that price range, but it could bring in close to $186.9 million if underwriters snap up additional shares to fill higher demand.
In an uncertain market for technology startups, Box delayed its IPO in early 2014 and instead raised $150 million in a private equity round in July. In its SEC filing today, the company said it would proceed with its IPO as soon as possible on the New York Stock Exchange under the symbol BOX.
Box, founded in 2005, says it faces competition from well-heeled tech giants Citrix, Google, and Microsoft as well as San Francisco-based Dropbox, a private company that raised more than $1 billion in 2014, according to Venture Deal. The industry has moved beyond simple cloud storage to more complex services such as facilitating collaboration among business co-workers and between enterprises, and Box has been developing those added features.
In its SEC filing, Box says it lost $121.5 million in the first nine months of 2014 as it spent money to attract new customers. The company says it plans to continue this strategy to increase the scale of the business.