The Wall Street Journal reported late last month that Box “may delay its IPO until June or later.” Now it’s official. And most likely “later.”
The Silicon Valley-based cloud storage company filed its original IPO registration on March 24, but has yet to submit any amended documents that include such information as number of shares to be offered or expected pricing terms. For context, 10 technology companies filed for IPOs in March. Of those, five already have gone public and another has set its pricing plans. Box is among four companies to have done neither.
My understanding is that Box is leaning toward submitting an amended filing within the next month, which likely would mean an IPO in July. But those plans could be derailed if the recent stabilization of public SaaS company prices is upset, or even if it gets a particularly attractive equity offer on the private markets.
The company technically has enough cash to survive for longer than it may seem on first blush, since its model easily allows it to ratchet down spending. The downside of such a move, however, would be growth slowdowns that would make it even more difficult to go public.
According to its March filing, Box had a $168 million net loss on $124 million of revenue for the year ending January 31, 2014. It has raised over $400 million of venture capital funding, including a $100 million Series F infusion last December.
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