Box's Stock Quote Soars While Raising $175M in IPO
After several attempts, Box has finally pushed through with its much anticipated IPO making the California based company a publicly traded stock on the New York Stock Exchange. Consequently, Box will use the ticker symbol BOX on the NYSE. Shares of Box’s stock soared after going public on Friday. Some analysts believed that the stock should have opened in the $11-$13 range however Box’s shares went on sale to public at $14 per share. Box’s stock quote quickly spiked over 60% ending with the shares trading in the $23 range.
CEO Aaron Levie along with co-founder Dylan Smith and President Dan Levin were present at the New York Stock Exchange to officially kick off the IPO. With the Box logo in the background, Levie, Smith and others were presided over last Fridays’s morning bell signifying the opening of the New York Stock Exchange. Box’s initial public offering is being hailed as a success by investment gurus as sources report that Box has raised $175M in investment capital by going public.
CEO Aaron Levie’s reacted to the IPO saying, “We are incredibly excited and amazed to be a public company but I am delighted we can go back to work.” In an interview with Barrons, Levie commented on the future of Box saying, “We are very focused on what do we do next from here, rather than focusing on the history of what’s happened so far.
You may remember that Box stalled on its previous attempts at going public last year. Some analysts scoffed at the fact that Box was trying to go public although the company lost 9 figures on its balance sheets. Now that Box has $175M extra in the bank, Levie and company will continue their vision of innovating Box’s cloud based product lineup. The investment capital will also allow Box to compete against some of the largest players in the cloud storage industry. Apple CEO Tim Cook took to Twitter to congratulate Box on it’s successful IPO saying, “Congratulations to @levie and the Box team on their IPO and for creating a great company!”
