Box has taken the next step towards its eventual IPO, saying in a filing with the SEC that it plans to sell 12.5 million shares at a price as high as $13 per share. If all goes well, it could bring in as much as $162 million for the cloud storage company.
The company, which was started by two Mercer Island High School grads, plans to price its offering on January 22. Box plans to start trading on the New York Stock Exchange under the symbol – you guessed it – BOX. The current range puts Box’s valuation at around $1.5 billion. That’s almost $1 billion below the $2.4 billion reported valuation the company was given when it raised $150 million from TPG and Coatue Management last year.
Other than the pricing range, the company hasn’t released a lot of new data about its service. Like it revealed in December, Box’s run rate is on pace for $225 million in annual revenue, and the company reported that it has 44,000 companies paying to use its service.
Box initially started down the path towards going public in March of last year, but essentially went into a holding pattern after investors turned sour on tech companies. Now, it seems that the storage company is ready to make its play on the public market.