Box Will Go Public At Two-Thirds The Valuation It Had Last Summer

The storage platform company updated its S1 on Friday and confirmed that it's started its roadshow, the standard procedure companies go through to boost investor interest in its stock before an IPO.

According to its S1, Box is offering 12.5 million shares in the price range of $11 to $13, which would raise around $135 million.

That would value the company at a maximum of $1.5 billion, which is about two-thirds what the company was valued at in July, when it raised $150 million at a $2.4 billion valuation. That funding round came with some onerous conditions from investors that basically required Box to go public before July 7, 2015, or face further dilution of its stock.

Box's IPO process has been quite unusual. It first filed to go public back in March, but delayed the IPO several times citing cooling market conditions for cloud companies.

In an interview with Business Insider in November, Box CEO Aaron Levie admitted the process has been "unusual," saying he wouldn't have filed at the time he did if he had known what was going to happen to the market. 

"We're incredibly excited for the coming year and the next phase of Box's growth. As always, our goal is to deliver amazing technology that transforms the way individuals and businesses work," Box told us in a statement.