Shhh! Don’t tell anyone, but online file sharing company Box has reportedly (secretly) filed for its IPO.
Read on because we have reasons to believe what they’ve written is true. Reasons that no one else seems to have written about thus far.
For its part, Box has very little to say about its impending IPO -- they are keeping an uncharacteristically straight face. Here’s what they are telling the press: “We don’t have anything to share at this time. We’re focused on continuing to build our business and expand our customer relationships globally.”
The nameless money man/men who we suspect are talking to the press are likely to be in New York, not Silicon Valley; they seem to be spilling the beans rather liberally. They seem to have planted the first seed with Mark DeCambre, who covers Wall Street for Quartz, a newish web magazine whose focus is finance, not tech.
Referring to the IPO filing, they later told Forbes, “This was always the plan, to go this route and do it quick and super silent a la Twitter. It happened in the last week, it was days ago.”
A different source later told Forbes, “Morgan Stanley will be lead left on the IPO, and Box is actually hoping to go public as early as April, subject to market conditions.”
Why the Silence from Box?
Remember Facebook’s disastrous IPO? Silicon Valley has apparently learned a lesson that that’s not the way to go, so Box is likely following in Twitter’s footsteps by exercising the JOBS (Jumpstart Our Business Startups) Act instead. JOBS allows young companies to confidentially file for their IPOs, meaning that they don’t have to reveal their numbers until 21 days before they start actively courting investors.
Box now has time to test the waters.
A Leak or a Plant?
And that’s probably why one of Box’s early investors (or bankers) “leaked” the news to Quartz (versus TechCrunch, GigaOm or CMSWire). DeCambre, the reporter who wrote the initial article, is a veteran when it comes to covering Wall street, he spent 10 years writing about it for the NY Post; he has connections and knows how to break news and get it read by the right people.
DeCambre might have gotten his tip from someone close to Box’s bigger investors like Andreessen Horowitz, Draper Fisher Jurvetson, Bessemer Venture partners, etc. (note: this is pure conjecture on our part).