Box has filed its hotly anticipated initial public offering (IPO) paperwork to the US Securities and Exchange Commission (SEC).
The upstart's S-1 document was published this afternoon, US West Coast time, putting in motion its stock market debut. Box, which provides online file-sharing for businesses, wants to raise $250m from the IPO. The filing puts to rest lingering speculation that the company was preparing to grace the public market – fueling rumor was the appointment of Cisco CTO Padmasree Warrior to its board of directors.
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In issuing the filing to the US financial watchdog, Box shed light on some of its internal numbers: it has 25 million registered users and 34,000 companies, which pay for the sync'n'share service. The upstart said it will doubled its revenue over the year, climbing from $58.79m in 2013 to $124.19m projected for 2014.
The growth in sales however, has come at a cost for Box. The company said it expects to operate at a net loss of $168.5m this year, up from a $112.5m loss in 2013.
"We have a history of cumulative losses, and we do not expect to be profitable for the foreseeable future," Box noted in its SEC filing.
Among the strategies Box has laid out in its filing for turning a profit are the continued transition towards extending its share-and-sync collaboration platform into other areas of the enterprise cloud space and target larger vertical markets.
Additionally, the company noted that it will seeking to extend its efforts to build an ecosystem around its platforms and establish a network of third-party developers to add Box connectivity to their own products and services.
The company will look to offer itself on the New York Stock Exchange under the symbol "BOX". A target date for the offering has not yet been given. ®