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Highlights
- Established in 2007, Backblaze was led by Gelb Budman and started as a company selling backup software.
- The underwriting responsibility for the Backblaze IPO is on Oppenheimer and Co., William Blair and Raymond James.
- The core platform of Backblaze's cloud services is the Backblaze Storage Cloud, and it keeps over 500 billion files available on demand.
Cloud-based storage space provider Backblaze, Inc. is looking to go public in the US stock markets as demand for cloud computing surged during the COVID-19 pandemic.
In November 2020, it was first reported that Backblaze was in talks with investment banks for its public debut and was seeking a valuation of around one billion US dollars.
Established in 2007, Backblaze was led by Gelb Budman and started as a company selling backup software to companies and individuals. Ever since then, the California-based company has expanded into cloud storage and has customers across 175 countries.
Backblaze IPO: How to buy this cloud-based services provider's stock?
In the cloud storage space, Backblaze competes with the giants like Amazon Web Services (AWS). However, it targets smaller companies.
Backblaze IPO: Significant details
The cloud storage company has not revealed the price range of the shares, and as per the documents filed with the Securities and Exchange Commission (SEC), Backblaze wants to go public on the Nasdaq Stock Market.
Once the SEC approves the registration statement, the Backblaze common stock could start trading under the 'BLZE' stock symbol.
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If the IPO happens, retail investors could get a chance of buying the pre-IPO shares of the cloud services provider.
Generally, pre-IPO shares are allotted by trading platforms or registered stockbrokers having access to the common stock before a company starts trading on a stock exchange.
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Interested investors may set up their accounts on a trading platform and book for the pre-IPO stock. The stock is generally allotted on a lottery basis, and an investor may or may not get hold of it.
The underwriting responsibility for the initial public offering is on Oppenheimer and Co., William Blair and Raymond James.
Bottom line
The core platform of Backblaze's cloud services is the Backblaze Storage Cloud, and it keeps over 500 billion files available on demand. Furthermore, the core platform is designed to store trillions of files in future.
In addition, the purpose-built software is designed to manage the physical infrastructure of 200,000 hard drives and one terabit per second of network capacity.
The B2 cloud storage service of Backblaze has managed to get some small organizations on board: Gladstone Institutes, American Public Television, and California's Kings.
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Till June 2021, B2 revenue surged by 60 per cent year-over-year (YoY), and the online backup business registered a growth of 12 per cent YoY.
