The company said it plans to use the proceeds of the offering for general corporate purposes, including working capital, operating expenses and capital expenditures. According to its most recent figures, Box generated a net loss of USD 129 million in the nine months to October, on revenues of USD 154 million. Its largest shareholders are its management, with just under half the shares, and investment fund Draper Fisher Juvetson with 23 percent of shares. None of them are selling shares in the IPO.
Box first filed for an IPO in March 2014, but delayed the offering due to poor market conditions. In July last year, the company raised USD 150 million in external funding. Box’s valuation at the top end of the IPO price range is about 33 percent less than in the July funding round. Box was valued then at USD 2.4 billion by investors including TPG Capital and Coatue Management, people familiar with the matter told Bloomberg.
