IPOs: first tech deal of the year. Cloud-based storage company Box (BOX) set to price tonight, seeking to sell 12.5 million shares at $11-$13
The good news: 1) hot space, 2) rapid growth (revenues up 80 percent in first nine months of 2014), large base of business customers (44,000).
The bad news: 1) lots of deep-pocket competition (Microsoft, Google, Amazon), 2) large losses with little prospect of turning green soon. According to the company's S1, "We have a history of cumulative losses and we do not expect to be profitable for the foreseeable future."
If Box is successful, you can expect to see Dropbox and others coming sooner rather than later.