Box hasn’t officially set a date for its IPO, but it looks like it will happen later rather than sooner, according to The Wall Street Journal.
Box filed paperwork for its IPO on March 24, and it could have listed shares as early as this month. But the Journal reports that Box may wait until June, and still hasn’t picked a date yet.
Sources told the Journal that the timing isn’t right, since investor interest in cloud-computing stocks has started to cool. An index of 37 public cloud companies produced by Bessemer Venture Partners shows these stocks have dipped by $US58 billion in market value over the last two months.
Another factor could be the reaction of the tech community to Box’s financials, which showed it burning cash at a very fast rate. Since launching, Box has raised over $US400 million in funding — and it’s burned through about $US300 million of that. In the past year alone, Box has burned through $US168 million.
Others in the tech industry say that Box’s numbers show that the company is on solid ground, and that its burn rate is generating long-term contracts that will pay off, big time.
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