Box (BOX) Delays IPO Until 2015 Given Market Conditions - Reports

Originally filing its S-1 in March, cloud-based content storage provider Box (NYSE: BOX) is now said to be planning to delay its IPO until 2015 given increasing market volatility. The news is based on reports from Bloomberg and the company has not made a formal filing with the SEC.

Box was planning to sell up to $150 million in securities in the IPO and planned to list on the NYSE under the ticker "BOX."

Morgan Stanley, Credit Suisse and JPMorgan were tapped to lead the IPO.

Box has been facing increasing competition from Google (NASDAQ: GOOG), Amazon.com (NASDAQ: AMZN), Dropbox and others.

Earlier investors in Box include Draper Fisher Jurvetson and Bessemer Venture Partner, which participated in $100 Series E-1 . In addition, Coatue Management participated in a $150 million Series F. Other investors include Meritech Capital Partners, U.S. Venture Partners, Scale Venture Partners, Meritech Capital Partners and Bessemer Venture Partner. In total the company has raised $550 million from early investors.

For the three months ended April 30, 2014, Box posted revenue of $45.33 million versus $23.41 million in the same quarter of 2013. The company lost $35.6 million this For the three months ended April 30, 2014, versus $34.1 million in the same quarter of 2013.

Box describes itself this way: Box provides a cloud-based, mobile-optimized Enterprise Content Collaboration platform that enables organizations of all sizes to easily and securely manage their content and collaborate internally and externally. Our platform combines powerful, elegant and easy-to-use functionality that is designed for users with the security, scalability and administrative controls required by IT departments. We have built our platform to enable users to get their work done regardless of file format, application environment, operating system, device or location. Our paying business customers include more than 45% of Fortune 500 companies and 21% of Global 2000 companies, and our 27 million registered users include employees from 99% of Fortune 500 companies, including companies in highly regulated industries such as healthcare and life sciences, telecommunications, energy and financial service.

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