Box (BOX) was a hot IPO, maybe too hot, say analysts who initiated coverage of the cloud storage firm with neutral ratings while praising its potential. Several investment banks have initiated coverage of the company, more than three weeks since Box stock jumped 66% in its Jan. 23 debut, and have generally given the company neutral or equivalent ratings. Box is a high-growth company that has the potential to take on rivals Google (GOOGL),
The IPO market turned hot again after a five-week lull, with Box getting a rousing reception from Wall Street on Friday. Box (BOX), a provider of online storage and file-sharing services, popped 66% on its first day of trading, raising $175 million. The debut is expected to fuel enthusiasm for other high-profile new issues this year. “Sit back and enjoy the show, as it’s just beginning,” said John Fitzgibbon, founder of research
Box (BOX) unwrapped a strong IPO Friday, jumping more than 65% and setting the stage for other high-profile new issues to come this year, such as Uber and Airbnb. The Los Altos, Calif.-based provider of cloud-based online data storage and file-sharing platforms raised $175 million, pricing 12.5 million shares at 14, above its estimated 11-to-13 range. Shares opened at 20.20, went above 24 and were trading near 23.28 in midday trading in the stock