US-based online storage technology company Box set the range for its initial public offering on Friday between $11 and $13, and plans to issue 12.5 million shares.
The IPO would value Box at $1.55bn and would raise $162.5m if the company floated at the top of its range. If the underwriters take up the option to buy another 1.9 million shares the proceeds would increase to approximately $186.9m.
Formed in 2005, Box has built an online content storage and collaboration platform for businesses. It plans to invest “at least 50%” of the proceeds in sales and marketing, product development, administrative concerns and capital expenditure.
Box’s largest shareholder is venture capital firm Draper Fisher Jurvetson, which holds a 23.1% stake that will be diluted to 19.2% through the offering.
Other shareholders that will holds stakes above 5% post-IPO are U.S. Venture Partners (9.8%), Coatue Management (8.3%), General Atlantic (7%) and Scale Venture Partners (5.6%).
Box has raised almost $595m in equity funding in total, including $100m from a 2013 series F round backed by Telstra Ventures and Telefónica Digital, the corporate venturing units of telecommunications companies Telstra and Telefónica, Itochu Technology Ventures, the venture capital arm of trading concern Itochu, diversified conglometrate Mitsui and electronics manufacturer Macnica Networks.
The company’s other investors include Sapphire Ventures, the venture firm affiliated with SAP, cloud computing company Salesforce.com, Intel Capital, the corporate venturing arm of semiconductor technology producer Intel, New Enterprise Associates, Bessemer Venture Partners, The Social+Capital Partnership, Andreessen Horowitz, Emergence Capital Partners and Meritech Capital Partners.
Box initially filed for a $250m IPO in March 2014, only to delay the offering later in the year, instead raising $150m from investment firms Coatue and TPG Growth in July.