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Box Inc., a cloud-based storage and collaboration platform, set terms for its initial public offering (IPO) Friday morning. The company plans to offer 12.5 million shares of Class A common stock in an IPO price range of $11 to $13. At the mid-point of the price range, Box’s fully diluted market value is $1.6 billion.

The company first filed for an IPO in March 2014 but chose instead to raise capital through another round of venture funding. An unnamed source said the delay was due to volatile market conditions. Box raised $150 million in the July funding round at a valuation of $2.4 billion, according to a report at Bloomberg.

According to the amended Form S-1 filed with the SEC on Friday, Box posted revenues of $153.8 million in the first nine months of 2014, but had a net loss of $121.5 million for the same period. In the first nine months of 2013, the company posted revenues of $84.5 million and a net loss of $125.2 million.

Joint bookrunners for the offering are Morgan Stanley & Co., Credit Suisse Securities and J.P. Morgan Securities. Other underwriters include BMO Capital Markets, Canaccord Genuity, Pacific Crest Securities, Raymond James and Wells Fargo Securities. The underwriters have a 30-day option on an additional 1.875 million shares of Class A common stock.

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Box, like many other tech companies, will have two classes of stock. Class B shares will get 10 votes per share and be convertible to Class A shares at any time on a one-for-one basis. After the IPO, holders of the Class B shares will control 98.8% of the company’s voting power.

The company lists several competitors in what it calls the enterprise content collaboration market, included EMC Inc. (NYSE: EMC), International Business Machines Corp. (NYSE: IBM) and Microsoft Corp. (NASDAQ: MSFT). File synchronization and sharing competitors include Citrix Systems Inc. (NASDAQ: CTXS), Google Inc. (NASDAQ: GOOG), Amazon.com Inc. (NASDAQ: AMZN) and privately held Dropbox.

None of the principal shareholders, including venture firms Draper Fisher Jurvetson and U.S. Venture Partners, are selling shares in the IPO. Following the offering, the named principal shareholders will hold 44.8% of the voting power in the company. At the end of October, the company had issued about 107 million Class B common shares to 810 stockholders of record. Company founder and CEO Aaron Levie will hold 3.7% of the company’s voting power after the IPO is completed.

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