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On Cloud 9: Box Files Long-Anticipated IPO

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Undoubtedly of the most highly anticipated enterprise tech IPOs of the year, Box is officially moving toward becoming a publicly traded company.

The enterprise cloud storage provider affirmed via Twitter on Monday afternoon that it had filed the initial paperwork with the U.S. Securities and Exchange Commission.

Anticipation for this particular IPO has been growing steadily over the last year since co-founder and CEO Aaron Levie revealed plans to Bloomberg in January 2013. Rumors started to pick up during the fall, reaching a fever pitch at the end of January 2014, with speculation over a secret filing.

A few weeks ago, Bloomberg reported Box was planning to double its revenue this year to more than $200 million, with Morgan Stanley, Credit Suisse, and JPMorgan Chase working the IPO.

Those financial institutions, among a few others, did indeed headline the S-1 filing.

Describing itself as “emerging growth company,” Box is following Twitter’s path and headed to the New York Stock Exchange under the ticker symbol, “BOX.” The enterprise software darling is looking to raise $250 million.

Also demonstrated by Twitter’s IPO filing in September, a company seeking to go public can file confidentially, if it is valued at less than $1 billion, under the Jumpstart Our Businesses ACT, sometimes called the JOBS act.

Up until now, Box’s estimated worth has been pegged between $1.2 billion and $3 billion, based on a Wall Street Journal assessment back in December. That was amid completing a Series F round of venture capital fundraising, garnering $100 million.

read the full story at: zdnet.com

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