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: PG&E Arraigned On Criminal Charges In Connection With 2019 Kincade Fire In Sonoma County
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: Derek Chauvin Case: Bay Area Lawmakers React To Guilty Verdicts In George Floyd Killing
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: Chauvin Verdict: Bay Area Law Enforcement Calls For Peaceful Demonstrations After Trial Verdict
© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.