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Box files confidential IPO papers with SEC

Box has secretly filed the necessary papers to launch a US initial public offering [IPO] by using a confidentiality loophole that was successfully used by Twitter late last year.

Related: Former Microsoft Windows 8 heavyweight Sinofsky joins cloud storage firm Box

Quartz reports that the cloud storage and collaboration startup has filed an IPO prospectus draft with the US Securities and Exchange Commission [SEC] that can be done so confidentially under new rules brought in under the Jumpstart Our Business Startups [JOBS] Act.

The Act allows companies that make less than $1 billion [£610 million] in annual revenue to file IPO papers with the SEC confidentially and means firms can submit information in the knowledge that little has to be revealed until the IPO date itself.

Box has reportedly already chatted to banks, such as Morgan Stanley, Credit Suisse, and JP Morgan Chase, to underwrite the stock offering and its rumoured the firm, led by cofounder Aaron Levie, could be looking to raise around $500 million [£304 million] from the IPO.

“We don’t have anything to share at this time. We’re focused on continuing to build our business and expand our customer relationships globally,” read a Box statement provided to Quartz.

Levie’s firm has been on the acquisition trail over the past 12 months as it aims to expand further into the enterprise market. This in mind, Box bought dLoop’s technology back in November to allow it to offer advanced data analytics to enterprise clients whilst at the same time maintaining controls to protect content.

This was preceded by its new Box $rev program that was launched in order to help enterprise focused developers make money from apps and it came after Box OneCloud brought all mobile business content under one cloud service.

Related: Box launches new Notes collaboration tool to take on Google Docs

Box also launched a small business starter plan in August designed for companies that have 10 employees or less and at the time stated that 20 million people and 180,000 businesses had already signed up with the service.