Box to possibly cancel IPO
On January 31, Box was said to have made is filing for an intended public debut. However, its S-1 filing has dropped on March 24 after revealing fast growth on revenue but widening losses.
Today, Quartz said while citing sources that the company would launch its anticipated initial public offering on May 26.
However, the expected date for the public debut of Box could be pushed through in June. This was far than the previously reported date, said Wall Street Journal.
The reason behind the delay was reported by both WSJ and Quartz to be because of the current difficulty in the market. Technology stocks similar to Box, that were put up on sale on market bourses have been experiencing difficulty along with falling stock prices.
This would mean that if technology stocks fall, the pricing of intended shares to go public for Box would also slump.
Box would have to wait a few more weeks and hope that tech stocks gain positive response.