Box Inc. Files For Initial Public Offering
Last March, Box Inc. had filed for an initial public offering but delayed the process due to the hostile market conditions that existed for the technology stocks last year.
This year the cloud service provider is expected to make its initial public offering. As per the documents which it has filed with the exchange and the regulatory authorities the company is looking forward to a valuation of $1.6 billion. Last July the company raised $150 million through private funding.
This time the valuation of Box Inc. is about thirty three percent less as compared to its last year's initial value which the company had filed. The company expects to price its share at the range of $11 - $13 per share and hopes to raise $163 million through its IPO. It plans to issue 12.5 million shares.
At present the number of registered users of the company is 32 million. Its biggest competitors are Microsoft, Citrix and Dropbox. The company plans on using the earnings towards marketing its products and expanding to new markets. It also plans to work on the product development that will enable the company to add new technologies for its existing as well as new users.