Web storage provider Box unwraps IPO seeking $250M

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Associated Press

Posted on March 24, 2014 at 3:01 PM

Updated Monday, Mar 24 at 3:07 PM

SAN FRANCISCO (AP) — Online storage provider Box is the latest rapidly growing Silicon Valley company seeking to strike it rich in the stock market.

The Los Altos, Calif., company took its first step toward making its market debut with a Monday filing for an initial public offering.

Box Inc. indicated it hopes to raise $250 million in its IPO, although that figure usually changes as investment bankers gauge investor demand.

The documents didn't set a price range for the shares or how much stock will be sold. Those details usually emerge as the IPO nears completion, a process that often takes three to four months.

Box says more than 25 million registered users store documents and other content on its service. The company lost $169 million on revenue of $124 million last year.

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