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Box Inc. (NYSE: BOX) stock soared 77% in its debut today (Friday), reaching a high of $24.73 per share.
The Box IPO raised $175 million, as the company sold 12.5 million shares for $14 each. The $14 offer price was above its proposed range of $11 to $13 per share.
BOX stock opened at $20.20 and closed at $23.15. In its first day of trading, more than 41.4 million BOX shares exchanged hands.
Box's market cap is now $2.8 billion. In a summer round of funding, the company claimed a valuation of $2.4 billion.
Box was founded in 2005 and first filed for its IPO more than 10 months ago. The deal was delayed several times as Chief Executive Aaron Levie wanted to time the market perfectly. His timing couldn't have been much better.
Box is a cloud-storage company with more than 25 million registered users. The company works with more than 34,000 companies. It provides clients with file sharing and cloud content management services. Secure file sharing, project collaboration tools, and encryption methods are among the company's other services.
For personal accounts, Box provides up to 50 gigabytes of free storage. It then charges monthly fees of $5, $15, and $35 for premium services and additional storage.
Box is one of the most well-known names in the quickly growing cloud computing industry. In 2014, Forrester Research estimated the industry will grow to $241 billion by 2020.
But Box has bigger ideas that just selling cloud storage. Levie recently told investors the company plans to differentiate its products based on industry.
"We're starting to see that in each industry, the way you use data, the way you use information, the really transformational ways you use the cloud tend to be fairly different," Levie told The Wall Street Journal.
Specifically, Levie wants Box to become a major player in the healthcare and retail industries.
That shift is very important for BOX stock moving forward – because the company's challenges continue to mount…