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Tech

Los Altos Web Storage Provider Box Seeks $250M In IPO

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LOS ALTOS (CBS / AP) — Online storage provider Box is the latest rapidly growing Silicon Valley company seeking to strike it rich in the stock market.

The Los Altos-based company took its first step toward making its market debut with a Monday filing for an initial public offering.

Box Inc. indicated it hopes to raise $250 million in its IPO, although that figure usually changes as investment bankers gauge investor demand.

The documents didn’t set a price range for the shares or how much stock will be sold. Those details usually emerge as the IPO nears completion, a process that often takes three to four months.

Box says more than 25 million registered users store documents and other content on its service. The company lost $169 million on revenue of $124 million last year.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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