The cloud-storage service has confidentially filed paperwork for an initial public offering, reports Quartz. January 30, 2014 4:36 PM PST Cloud-storage service Box may be ready to go public. (Credit: Box) The company has secretly filed paperwork for an initial public offering, reported Quartz on Thursday. Box has tapped banks Morgan Stanley, Credit Suisse, and JP Morgan Chase as it's top underwriters and could be looking to raise about $500 million in an IPO, said Quartz. If true, it's not an unexpected move. CEO Aaron Levie said early last year that the company was eyeing an IPO in 2014. Box is aiming to hold its IPO in the second quarter, reported The New York Times. CNET has contacted Box and we will update this report when we have information. The JOBS Act of 2012 allows companies with sales of less than $1 billion to begin the IPO registration process confidentially. This means a company can keep its filing -- which includes substantial information about the company, its customers, revenues, users, and so forth -- out of the public eye until it officially files for an IPO. Twitter took advantage of this provision in the JOBS Act with its recent IPO. Box offers 10GB of free storage to anyone who signs up for a personal account. The company has also added more business options and occasionally offers additional storage to entice customers to its service over competitors like Dropbox and SkyDrive. The company boasts 20 million users and serves 180,000 businesses, including 97 percent of Fortune's top 500 companies.
The cloud-storage service has confidentially filed paperwork for an initial public offering, reports Quartz.
Cloud-storage service Box may be ready to go public.
The company has secretly filed paperwork for an initial public offering, reported Quartz on Thursday. Box has tapped banks Morgan Stanley, Credit Suisse, and JP Morgan Chase as it's top underwriters and could be looking to raise about $500 million in an IPO, said Quartz.
If true, it's not an unexpected move. CEO Aaron Levie said early last year that the company was eyeing an IPO in 2014. Box is aiming to hold its IPO in the second quarter, reported The New York Times.
CNET has contacted Box and we will update this report when we have information.
The JOBS Act of 2012 allows companies with sales of less than $1 billion to begin the IPO registration process confidentially. This means a company can keep its filing -- which includes substantial information about the company, its customers, revenues, users, and so forth -- out of the public eye until it officially files for an IPO. Twitter took advantage of this provision in the JOBS Act with its recent IPO.
Box offers 10GB of free storage to anyone who signs up for a personal account. The company has also added more business options and occasionally offers additional storage to entice customers to its service over competitors like Dropbox and SkyDrive. The company boasts 20 million users and serves 180,000 businesses, including 97 percent of Fortune's top 500 companies.
