By Corrie Driebusch
Shares of online-storage company Box Inc. opened at $20.20, 44%
above their initial public offering price Friday.
The stock recently traded at $21.10 on the New York Stock
Exchange, above where the stock opened.
Box's IPO sold 12.5 million shares at $14, above expectations.
The company had been looking to sell shares in the $11 to $13 price
range.
Friday's stock-market debut comes roughly 10 months after the
company publicly filed for an IPO. Those plans were postponed amid
tepid demand for cloud-computing stocks, and in the ensuing months
it turned to the private market to raise additional funding.
The pricing pegged Box's market capitalization at roughly $1.6
billion and raised $175 million in proceeds that will help the
company support a high-cost business model dependent on sales and
marketing.
The deal was led by Morgan Stanley, Credit Suisse and J.P.
Morgan.
Write to Corrie Driebusch at corrie.driebusch@wsj.com
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