Box Skyrockets 50% To More Than $21 Per Share In First Minutes As A Public Company
Bam.
Today Box opened at around $20.50, far above its $14 IPO price, giving the company a valuation of around $2.5 billion. The company was valued at just under $1.7 billion at $14 per share. Box picked up $175 million in the transaction.
It is worth noting that the gap between Box’s last private valuation — $2.4 billion — and its IPO valuation will likely be completely erased, presuming that the company’s shares don’t fall sharply in later trading.
Box’s IPO has been hotly anticipated, due in part to the fact that some view the company as a bellwether for other quickly growing, but still unprofitable firms. Had Box stumbled out of the gate, despite its modest pricing, valuations across the board for private companies in similar financial shape would have taken a nasty implicit knock.
Luckily for those firms, and other companies that compete with Box in its market category, Box didn’t tank. That wooshing sound you heard was the collective sigh of relief from thousands of tech employees, founders and money kids.
You can track Box’s share price throughout the day here.
FEATURED IMAGE: RICHARD DREW/AP
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