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Data Storage Company Box Expects A Giant IPO

The file-sharing company values itself at $1.55 billion.

Data Storage Company Box Expects A Giant IPO
[Photo: Flickr user Christine Puccio]

U.S. IPOs raked in more money in 2014 than any other year since 2000, and it seems the fun isn’t over yet.

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One of the most eagerly anticipated upcoming public offerings is Box, a Dropbox-rival online data storage provider. The company is expecting its shares to be valued at $11 to $13, which would give it a market value of $1.55 billion.

The company offers 10 gigabytes of free online storage, and then charges fees for additional space. In addition to consumers, it also offers data storage facilities to companies such as GM, Eli Lilly and Co., and Gap. In 10 years, the company has risen to have a user base of 32 million. Last year, Fast Company named Box one of its Most Innovative Companies.

The company’s revenue rose 80% to $153.8 million in the nine months ending October 31. Box also picked up a $150 million venture funding package back in July. However, with a net loss of $121.5 million in 2014, Box doesn’t expect to be profitable anytime soon.

[via Reuters]

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