Shares in Box jumped strongly in their first day of trading reaching as much as 77% above the $14 initial pricing to $24.73 and a valuation of about $3 billion. It closed at $23.23, up 66%.
The strong showing confounded some skeptics who pointed to Box's very high marketing costs, which eclipse revenues by a huge margin resulting in a net loss of $121.5 million on $153.8 million in revenues for the nine months ending October 31, 2014.