A dozen things you need to know about Box’s IPO

It’s official: Online file-sharing firm Box is going public. (We warned you it was in the works.) The offering is just the latest in a slate of tech IPOs that have become one of the hottest areas of financial markets.

Here are some key quotes and numbers from the SEC filing:

1. The shares will trade on the New York Stock Exchange under the proposed ticker symbol BOX.
2. The cloud storage company is expected to raise $250 million in its initial public offering, but could wind up raising more depending on demand, sources have told Quartz.
3. The company intends to spend the money it raises in the public offering on working capital, capital expenditures, and corporate expenses.
4. Last year the company had $124.2 million in revenue, more than double the previous year.
5. The company also had a $169.9 million net loss in 2013; that’s 50% worse than the previous year.
6. “We have a history of cumulative losses, and we do not expect to be profitable for the foreseeable future.”
7. Box’s IPO papers show that it has eight banks participating in its offering, with Morgan Stanley $MS in the lead.
8. In the year ending Jan. 31, 2014, Box employed 972 people, up 163% from the previous year.
9. Box lists Dropbox, Google $GOOGL, EMC, Microsoft $MSFT, and Citrix Systems among its staunchest competitors in the fragmented world of cloud storage firms.
10. “Many of our competitors and potential competitors are larger and have greater name recognition, much longer operating histories, larger marketing budgets and significantly greater resources than we do.”
11. The IPO will be a dual-class offering. In other words, the shares Box will be offering will have only one shareholder vote per share. The Class B shares—owned by company insiders before the Box goes public—will have 10 votes per share. Since the Facebook $META IPO, the dual-class offerings have been a popular way for Silicon Valley entrepreneurs to raise money without giving up control, but Twitter $TWTR notably eschewed that approach.
12. Box CEO Aaron Levie just tweeted this: