NEW YORK (TheStreet) -- The hotly anticipated initial public offering of cloud storage startup Box has finally become real for investors as the company officially filed for its debut on the New York Stock Exchange with the preliminary goal of raising $250 million in proceeds. The lead underwriters for the transaction are Morgan Stanley (MS), Credit Suisse (CS), and J.P. Morgan (JPM).
The Class A common stock will be listed as "BOX" on the Big Board.
The S-1 filing revealed Monday that the company has experienced significant growth since its incorporation in 2005. The company noted it has intense competition in the same, listing Citrix (CTXS), Dropbox, EMC (EMC), Google (GOOG), and Microsoft (MSFT) as its closest competitors." With the introduction of new technologies and market entrants, we expect competition to continue to intensify in the future," the company noted in the filing.
For the 12 months ended Jan. 31, 2014, Jan. 31, 2013, and Dec. 31, 2011, the Aaron Levie-led company company's revenue was $124.2 million, $58.8 million and $21.1 million, respectively, representing year-over-year growth of 111% and 179%. However, the company losses grew during the same time as well, as the company continues to invest heavily in its business. "We have invested and continue to invest heavily in our business to capitalize on our large market opportunity," the company added. As a result, Box incurred net losses of $50.3 million, $112.6 million and $168.6 million for the 12 months ended Dec. 31, 2011, Jan. 31, 2013 and Jan. 31, 2014, respectively.