Although questions had
arisen about how Box’s initial public offering would fare, public
investors gave the company a warm welcome on Friday, its first day of
trading.
Shares in Box, the online file storage company, opened at $20.20 on Friday morning, 44 percent higher than its I.P.O. price of $14 a share.
The stock continued to
surge to close the day at $23.23, up nearly 66 percent, giving the
company a market value of $2.7 billion. At that level, the start-up has
surpassed the $2.4 billion valuation that it fetched in its most recent
private financing round last summer. Its strong first-day performance
may ease some concerns among investors that highflying Silicon Valley
start-ups were looking overvalued.
Now that it has gone
public, nearly a year after kicking off the process during a period of
market upheaval, Box can focus on a more pressing issue: standing out in
an industry that has quickly filled with competition, particularly from
much bigger rivals like Google and Microsoft.
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