Also: they're "only" raising $100-$200m? They raised $150m a year ago when they punted on the IPO then, I believe. Is their burn rate so high that they need the money? If so, the IPO won't really buy them much time. If their burn rate is low, is right now really the peak of the market for them? It's already a "down" time to IPO, so why not wait? Are they worried that the price is going to cave in more and more? If I were looking at their stock price, that's what would scare the crap out of me.
Box's burn rate is the highest in the industry [1]. I would be surprised if they had to keep raising money or IPO or risk facing an impending bankruptcy.