Online Storage Provider 'Box' Set For $14-Per Share IPO
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.
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."
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.
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