Utah data analytics company Domo is no longer worth more than $1 billion, a symbolic mark that could spell trouble for private investors ahead of the company’s planned IPO.

In an updated filing for its initial public offering on Monday, the company said the middle of the range for pricing shares is $20.50, which would give the company a valuation of $511.6 million. The valuation is based on an outstanding share count of 24,953,806 shares — this count reflects a 15-to-1 reverse stock split that happened on June 15.

The company, which sells data analytics software that competes with the likes of IBM, Microsoft, Oracle and SAP, had been valued above the billion-dollar mark by private investors for more than three years. Some other technology companies, like Dropbox, have seen their valuations slashed before going public, but it hasn’t been very common in 2018, a year notable thus far for its regularly occurring technology IPOs.

The updated filing also notes that company will stop doing business with several companies with business connections to Domo CEO Josh James: JJ Spud, an aircraft leasing company controlled by James, which leased an aircraft for his use; Cubby’s Chicago Beef, a restaurant owned by James and his brother that had provided catering services; and Alice Lane Home Collection, an interior design company partly owned by James which provided furnishings to the start-up.

The business relationships were first noted in Domo’s original IPO filing, which was filed June 1.

In another change, the company wrote, “In the future, we may need to raise additional funds to invest in growth opportunities, to continue product development and sales and marketing efforts, and for other purposes,” the company said in the revised filing.

In the original version, Domo said “we will likely” need to raise more money.

Domo is burning cash. The company had negative cash flow from operations of $148.7 million in the year ended january 31, and has only $71.9 million of cash on hand.

The new filing also says Domo has adopted a written code of business conduct and ethics.

Domo now expects to raise as much as $232.8 million in the IPO and start trading on the Nasdaq. It would follow tech companies like Ceridian, DocuSign, Pluralsight, Zuora and most recently Avalara in going public this year.