Cloud Storage Company Box Is Almost Ready to Go Public
Cloud storage service Box is almost ready to go to the market. The tech startup filed an amended IPO Friday pricing its shares between 11 and 13. At the high end, the IPO would raise as much as 187 million for the company and value Box at nearly 1.6 billion. Box had originally filed for an IPO in March 2014 but shelved plans for going public last year amidst an overall downturn in tech stocks. The company is not yet profitable, having lost 121 million in the first nine months of 2014 and 125 million in the first nine months of 2013. Revenue for those periods was 154 million and 85 million, respectively. Box is facing pressure from several much larger competitors, including Dropbox, Google and Microsoft, who have all spent the last year or so offering increasing amounts of cloud storage for lower prices.