NEW YORK (TheStreet) -- Shares of Box (BOX - Get Report) , the cloud-based online storage company, surged nearly 70% on Friday after raising $175 million in its initial public offering, in one of the most highly anticipated tech offerings since Alibaba (BABA - Get Report) .

Late Thursday, Box priced 12.5 million shares of Class A common stock at $14 a share, above the expected range of $11 and $13 a share. The Los Altos, Calif.-based company has more than 32 million registered users and 44,000 paying organizations -- "48% of Fortune 500 companies and more than 22% of Global 2000 companies," it said in its regulatory filing.

The stock on Friday morning was trading 68% higher from its IPO price to $23.54. More than 16 million shares changed hands shortly after 10:30 a.m. EST. Shares opened on Friday at $20.20.

Box has granted the underwriters a 30-day option to purchase an additional 1.875 million shares. Morgan Stanley, Credit Suisse Securities and J.P. Morgan are acting as joint book-running managers for the offering. BMO Capital Markets Corp. Canaccord Genuity, Pacific Crest Securities, Raymond James & Associates and Wells Fargo Securities are acting as co-managers.

- Written by Laurie Kulikowski in New York.