Box, the cloud storage company founded by two Mercer Island High School grads, will probably postpone its initial public offering until next year, Bloomberg reported today. According to the report, the company had planned to go public after Labor Day at the earliest, and waited for Alibaba’s IPO to see if the market would be hospitable.
Since Box declared its intention to go public in March, Wall Street has soured on tech stocks. Alibaba’s IPO went well, but the stock market has slid downwards after that. Bloomberg quotes an insider familiar with the company’s plans saying that it makes sense for Box to wait until its fourth quarter, which ends in January, to go public.
“Our plan continues to be to go public when it makes the most sense for Box and the market,” a spokesperson for the company said in an email to GeekWire. “As always, investing in our customers, technology, and future growth remains our top priority.”
That’s the same line the company has used during all of the past discussions of its IPO strategy. Box raised $150 million in capital in July, which should give the company some time to wait.