Andrew Levie’s on line cloud storage provider Box Inc. is expecting to reach a valuation of $1.55 billion at its upcoming IPO. The company, which started with angel funding from Mark Cuban, said that it plans to offer 12.5 million class A common shares shares to be priced at $11-$13 per share to raise as much as $162.5 million.
Morgan Stanley, Credit Suisse and JPMorgan are the lead underwriters for the offering.
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Box said that it expects to pocket $134.3 million in net proceeds from the IPO, which it intends to use for general corporate purposes.
Under the tag line, “Reinventing how global businesses use content, ” Box boasts that companies rely on it because it’s tech is secure, works on any device, and scales to meet the needs of small businesses to the Fortune 500. The company declares its mission is to make organizations more productive, competitive and collaborative by connecting people and their most important information.
The company claims that it currently has 32 million users.
Box was founded in 2005 by its CEO Andrew Levie and its CFO Dylan Smith. Since then it has raised $150 million from hedge fund Coatue Management and private-equity firm TPG. The company’s revenues were $153.8 million in the first three quarters of 2014 but it reported $121.5 million in losses for the same period.
Box provides a cloud-based, mobile-optimized Enterprise Content Collaboration platform that it boasts enables organizations of all sizes to easily and securely manage their content and collaborate internally and externally. Its platform combines powerful, elegant and easy-to-use functionality that is designed for users with the security, scalability and administrative controls required by IT departments. It asserts that it built the platform to enable users to get their work done regardless of file format, application environment, operating system, device or location.
Box states that its paying business customers include more than 48% of Fortune 500 companies and more than 22% of Global 2000 companies, and that its over 32 million registered users include employees from 99% of Fortune 500 companies, including companies in highly regulated industries such as healthcare and life sciences, telecommunications, energy and financial services.
