Box today submitted an S-1 form with the Securities and Exchange Commission (SEC), indicating its intention to become a public company.
In the filing, Box revealed that its proposed maximum aggregate offering price would raise $250 million. It reported just over $124 million in revenue for the year ending on January 31, 2014 up from $58.8 million the year before. Furthermore, the company published a net loss of $168.6 million for the same 12-month period, up from a loss of $112.6 million for the year prior.
Box now has 25 million users spanning 225,000 companies. Ninety-three percent of those aren’t paying customers though; the remaining 7 percent are subscribers with either a business or personal account.
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Quartz reported earlier this year that Box was getting ready to go public using the JOBS Act, which allows companies generating less than $1 billion in revenue per year to file in secret. Twitter filed for its own IPO the same way.
The move isn’t too much of a surprise either. A little over a year ago, Box CEO Aaron Levie said the cloud storage provider would be forced to go public at some point, since it didn’t want to sell to another firm.
Photo credit: John Moore/Getty Images
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