Online storage company Box hopes to raise $162.5 million in its initial public offering

IndustriesAssociated Press

Box Inc., an online storage provider, plans to raise as much as $162.5 million in an initial public offering.

It plans to offer 12.5 million shares priced between $11 per share and $13 per share, the company said Friday. Underwriters of the IPO have the option to buy an additional 1.9 million shares, which could increase the amount Box raises to about $187 million. It plans to use the money raised for general purposes.

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Box, based in Los Altos, California, first filed for an IPO in March. At that time, it said it expected to raise as much as $250 million, but didn't disclose how many shares it would sell or at what price.

Box's service lets businesses and individuals upload documents, photos and other data online, that can be accessed anywhere. Box has more than 32 million users, the company said in a filing with the Securities and Exchange Commission. More than 44,000 organizations pay for the service. Business clients include clothing company Gap Inc. and media company Viacom, Box said.

It reported revenue of $153.8 million in the nine months ended Oct. 31, up 80 percent from the same period the year before. Its loss narrowed to $129.1 million from $125.4 million the year before.

The company plans to list its stock on the New York Stock Exchange under the ticker symbol "BOX."