Plans for an initial public offering at the cloud storage and collaboration company Box have moved once again, and could hold until early in the new year, sources familiar with the company’s thinking confirm to Re/code.
Target Date for Box IPO Slides Again
Box will now float its shares during its fiscal fourth quarter, ending in January.
Asa Mathat
The new plan calls for the company to complete its fiscal third quarter, ending in October, before updating its S-1 filing with the Securities and Exchange Commission.
The offering would then take place sometime during Box’s fourth fiscal quarter, which ends in January 2015. The next update to its regulatory filings will be the last before the offering takes place, sources said. The new timing was first reported by Bloomberg News.
The decision marks the latest in a series of delays in Box’s IPO plans since it first filed to go public in March. At that time, the plan was to get the offering complete by summer. But that was before a big drop in the values of publicly traded cloud software companies made the timing iffy.
When market conditions appeared to recover somewhat, so did Box’s IPO prospects. But just to be on the safe side and to give it some flexibility, it announced that it had raised $150 million from private equity investors on the same day that it updated its filings.
Previously, Box had hoped to complete its offering in September or early October, sources familiar with the matter said in July.
“Our plan continues to be to go public when it makes the most sense for Box and the market,” spokeswoman Ashley Mayer said. “As always, investing in our customers, technology and future growth remains our top priority.”
This article originally appeared on Recode.net.
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