Box files for $250M IPO, generated $124.2M in revenue last year from 34,000 organizations

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.

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.

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