Cloud storage provider Backblaze Inc filed for a U.S.Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies, and has since expanded into offering cloud storage services which is now the fastest-growing part of its business. 10, 2021, at 16 the mid-point of its 15-to-16 price range on 6.25 million shares, the same number of shares in the prospectus, to raise 100 million.) Industry: Cloud - data storage for businesses: Employees: 228: Founded: 2007: Contact Information: Address: 500 Ben Franklin Ct San Mateo, CA.The stock popped 24.4% last Thursday in its first trading session, then added another 10.8% Friday and extended its rally to a third day on Monday.īackblaze ( BLZE) was rising on no apparent news other than continued enthusiasm for its initial public offering.BLZE rose as much as 29.7% to $28.59 before pulling back to close at $25.50, ahead 15.7% for the day and 59.4% since the stock staged an IPO at $16 a share.Backblaze (NASDAQ: BLZE) was fire Monday for the third straight session since its IPO last week, up some 16% on the day and roughly 60% since the cloud-storage firm went public last Thursday.
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Backblaze IPO: How to buy this cloud-based services providers stock Cloud-based storage space provider Backblaze, Inc. one for every Class A share, giving Class B stockholders 97% of the voting power. Cloud-storage company BackBlaze files for IPO. Seeking Alpha contributor The Value Investor analyzes BLZE’s future prospects here.(Reuters) – Cloud storage provider Backblaze Inc filed for a U.S. initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings during the COVID-19 pandemic. Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around $1 billion.
Backblaze will probably have to grow faster to keep shareholders happy, but they’re not far off where they need to be, said Dave Raffo, a senior analyst at Evaluator Group. San Mateo, California-based Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies. He noted the company’s prospectus indicates an expectation to raise between 89.5 million to 103.4 million. It has since expanded into cloud storage, with over half a million overall customers across more than 175 countries. Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around 1 billion. In the cloud storage space, it competes with the likes of Inc’s Amazon Web Services, although Backblaze targets smaller companies.Īccording to a report Impact-of-COVID-19-on-the-Market- by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020. Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze’s offering. The company will list its stock on the Nasdaq under the symbol “BLZE”, according to a filing.
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