Box Offers Discount in Cloud-Storage IPO as Competition Grows
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Box Inc. is set to price its initial public offering at a discount to its latest financing round, as stiff competition overshadows the cloud-storage company’s plans to expand into new areas.
The IPO comes almost a year after Box, which lets businesses manage, store and have access to data over the Web instead of through onsite computers, first filed to go public. The company’s financials in its March prospectus underwhelmed some investors just as deep-pocketed competitors including Microsoft Corp. were entering the fray, and the IPO was delayed.