At long last, Box readies for Wall Street debut
Nearly 10 months after Box filed for an initial public offering, the company is finally ready to make its public debut.
The Los Altos-based cloud storage company revealed Friday that it will sell at least 12.5 million shares at $11 to $13 apiece, raising up to $162.5 million in the Bay Area's first IPO of 2015. With the pricing, Box restarts an unusually long-delayed public debut that raised questions about the company's financial health and the viability of the entire cloud storage industry.
CEO Aaron Levie summed it up in a tweet Friday morning: "Well that certainly took a while." At the middle of the price range, Box is valued at $1.4 billion - way down from the $2.4 billion valuation TPG and Coatue Management gave the company in July after investing $150 million. Box is expected to set its final share price Jan. 22 and begin trading on the New York Stock Exchange under the ticker symbol BOX on Jan. 23, according to Renaissance Capital, an IPO fund manager.
