By the way, this isn't some theoretical situation. Box did exactly what I'm describing. Even in a frothy Fed-fueled stock market, they IPO'd at a lower valuat

By the way, this isn't some theoretical situation. Box did exactly what I'm describing. Even in a frothy Fed-fueled stock market, they IPO'd at a lower valuation than their last private market round, which I'm sure was full of all sorts of balance sheet gimmicks, and the stock has been on a downward trajectory since.