SAN FRANCISCO (CBS/AP) — Online storage provider Box has wrapped up its IPO at $14 per share to set up a test of investors’ appetite for a rapidly growing technology company that hasn’t proven it can make money.
The terms reached late Thursday topped a target range of $11 to $13 per share established last week.READ MORE: UPDATE: Oakland Officer, Suspect Wounded In Shootout; Suspect Surrenders After Tense Standoff
The pricing increase reflects strong demand for the 12.5 million shares sold in Box Inc.’s initial public offering. A more revealing measure of the interest in the shares will come Friday morning when they begin trading on the New York Stock Exchange under the symbol “BOX.”READ MORE: Suspects Ordered To Stand Trial In 1996 Kristin Smart Disappearance
Although it boasts 44,000 paying customers, Box has yet to turn a profit in its 10-year history. The IPO raised $175 million, helping to offset Box’s cumulative losses of $483 million.MORE NEWS: Widespread Outage Cuts Off Electrical Power To Danville Residents
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