Box still on track for IPO, but picked the wrong time to file

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Credit: J.Vanian

Box CEO and co-founder Aaron Levie spoke to Bloomberg Television on Thursday and shared a few details regarding Box’s much-delayed IPO plans, saying the company “should not have filed when we did.”

A week after Box filed to go public in March, “there was a bit of a market correction in the tech-stocks space,” Levie told Bloomberg reporter Emily Chang, and the company felt it wasn’t the right time to go public.

Levie explained that by summer, the private-equity firm TPG Capital and hedge fund Coatue Management “were willing to and interested in supporting the customer—company as a private company” so Box took a $150 million investment to continue growing without having to do an IPO.

Regarding Box’s plans to eventually go public, Levie said “that’s the path we’re on,” but he was mum on the details as to when that would happen.

When asked what Levie thought about the reaction Box received from the tech community when the startup opened its books to the public, specifically Gigaom founder Om Malik’s comments that Box was a “house of horrors,” Levie responded with “Yeah, that’s an extreme phrase.”

For more from Levie on the Box IPO and more, check out his interview on the Structure Show podcast:

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