Box’s IPO has floated on the New York Stock Exchange at $14 a share, above the $11-$13 price that had been predicted.
The share price valued Box’s IPO at $1.67bn, with Box is selling all 12.5 million Class A common stock in the offering. Trading under ‘BOX’, the company settled for a lower IPO price than the $17.85 per share seen last March.
Accellion CEO, Yorgen Edholm, a competitor to Box, said: "Finally! We’ve been waiting for this a long time. Our industry needed a successful exit and everyone is looking forward to it!"
"Last year when Microsoft, Google and Amazon started moving into the EFSS space copying Box and Dropbox, that was validation that our market space is an important one."
"However, it’s rough for the people who got here first, and understand it better, to be competing with industry giants who have more capital to throw around. They have the size to compete, but not the focus to provide customers with new specific tools to improve the way they manage and share their content."
Competitors, Microsoft and Amazon have used their might to be able to keep storage prices low and Box will need to find a differentiator to improve its offerings. Becoming a sector specific provider in medicine has been muted, after purchasing MedXT last year.
The company may be hoping that this successful IPO may result in future success, seeing as that the company has yet to turn a profit in its 10-year history.