Box releases public S-1

• Enterprise cloud storage/file-syncing upstart Box, reported in January to have confidentially filed for an IPO, has released its public S-1.
• Box is looking to raise $250M under the symbol (you guessed it) BOX. The underwriters: Morgan Stanley, Credit Suisse, JPMorgan, Canaccord, Pac Crest, Raymond James, BMO, and Wells Fargo.
• During the fiscal year ending Jan. 31, Box had revenue of $124.2M (+111% Y/Y), and a net loss of $168.9M. Even after backing out stock compensation expenses of $5M, sales/marketing spend totaled $166.2M, exceeding revenue by 34%. R&D spend totaled $42.8M excluding stock compensation.
• Box has 25M registered users, and counts over 40% of the Fortune 500 and 20% of the Global 2000 among its clients. Rivals include Dropbox (more consumer/SMB-focused, valued at $10B), EMC's Syncplicity unit, Citrix's ShareFile unit, Microsoft, and Google.
• A late-2013 funding round valued Box at ~$2B. VC firms Draper Fisher Jurvetson and U.S. Venture Partners respectively own 25.5% and 13% of the company, and CEO Aaron Levie owns 4.1%.

Comments

[chopchop0]

All of these names sound like good shorts. Cloud storage sounds like a commodity play that's ready to lose a lot of people a lot of money

[Archman Investor]

Another bubble about to come public.

100 million in revenue. So let's give it a 2 Billion dollar market cap.
Bravo to Wall St. & all those playing the game. For average Americans: The lesson will continue.

[Philip Marlowe]

If your revenue is less than the advertising expenses, why do you even bother?