Saturday, November 9, 2013

Box may be getting ready to test IPO waters

Box may be getting ready to test IPO waters



Data storage and collaboration startup Box has reportedly picked bankers for a $500 million IPO in the first half of next year.
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Vicki Thompson
Data storage and collaboration startup Box has reportedly picked bankers for a $500 million IPO in the first half of next year.
Senior Technology Reporter- Silicon Valley Business Journal
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Data storage and collaboration startup Box has reportedly picked bankers for a $500 million IPO in the first half of next year.
Reuters cited unnamed sources in a report that said the Los Altos company has hired Credit Suisse, Morgan Stanley and JPMorgan Chase & Co. to handle the offering.
Box, which Aaron Levie and Dylan Smith say they started on money raised playing online poker in college, is the second most highly valued venture-backed company in the U.S., according to a ranking compiled by PitchBook Data.
The startup funding research firm figured Box is valued at about $7 billion. Rival Dropbox, led by Drew Houston, is also rumored to be headed towards an IPO and is valued by PitchBook at $4.6 billion.
Box has raised $327 million since it was founded in 2005. Its backers include Andreessen Horowitz, Draper Fisher Jurvetson, New Enterprise Associates, SAP Ventures, Scale Venture Partners, General Atlantic, Intel Capital, Bessemer Venture Partners, Emergence Capital Partners, Meritech Capital Partners and Salesforce.
It could be entering the market at the best time in recent years, if conditions continue that helped Twitter raise nearly $2 billion dollars this week. The San Francisco company's stock soared nearly 73 percent on its first day of trading but that was only good enough to be the fifth highest first day pop among Silicon Valley offerings so far this year.
Thomson Reuters reports that 2013 has been the best year for IPOs by U.S. companies since 2004, with $50.7 billion raised year to date, up 26 percent compared to last year.
Box CEO Levie joked about Twitter's IPO in a tweet on Thursday: "IPOs: If your stock shoots up, you left money on the table. If it drops, you screwed investors. If it's flat, you're boring."
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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