The only initial public offering (IPO) this week is coming from cloud-storage and enterprise content collaboration platform Box Inc. Shares are expected to price Thursday and begin trading tomorrow on the New York Stock Exchange under the ticker symbol BOX.

According to a note from IPO Boutique, the offering was oversubscribed as of Tuesday, and the order books were scheduled to close on Wednesday.

The company plans to offer 12.5 million shares of Class A common stock in an IPO price range of $11 to $13, raising $150 million. At the mid-point of the price range, Box’s fully diluted market value is $1.6 billion. Joint bookrunners for the offering are Morgan Stanley & Co., Credit Suisse Securities and J.P. Morgan Securities. Other underwriters include BMO Capital Markets, Canaccord Genuity, Pacific Crest Securities, Raymond James and Wells Fargo Securities. The underwriters have a 30-day option on an additional 1.875 million shares of Class A common stock.

Box’s revenues have been rising sharply, to $124.2 million last year. But losses have been even bigger, coming in at $168.11 million in 2014. At the company’s last venture funding round in July, Box raised $150 million at a valuation of $2.4 billion.

So, early investors are either getting a bargain, even at the high end of the IPO range, or they are paying too much for a stock that reached its peak several months ago. None of the company’s big investors, including CEO Aaron Levie, are selling shares in the IPO.

ALSO READ: Shake Shack Sets IPO Terms and Pricing

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.