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New York - Cloud storage start-up Box soared in its Wall Street debut on Friday after a public share offering, pushing its market value to some $2.7bn.
Trading under the symbol "BOX", the shares jumped 65% to $23.17 at 15:15 GMT after the offering price of $14 announced on Thursday.
Box is one of the growing cloud storage firms along with rival Dropbox, was founded in 2005 by University of Southern California student Aaron Levie and collaborators.
It now claims 32 million users including 275 000 companies.
The initial public offering raised $175m and could increase to $200m if options are exercised.
Box plans to use at least half of the capital for sales and marketing as well as developing new products but also has not ruled out acquisitions.
Over the nine months ended in October, Box revenues were $154m, with a net loss of $129m.
Dropbox, one of the best-known cloud start-ups, has so far kept mum on IPO plans, but has raised venture capital that gives it an estimated value of $10bn.
