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Highlights
- Backblaze is offering 6.25 million shares of Class A common stock in the IPO.
- The IPO price is likely to be between US$15 and US$17 per share.
- Backblaze’s revenue was US$31.46 million in the six months ended on June 30.
Cloud storage and data-backup company Backblaze, Inc. said it has filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC).
The Backblaze IPO has been gaining attention as investors see major growth potential for the unicorn as demand for cloud computing continues to grow globally.
The technology company, which submitted its registration statement with the SEC recently, first revealed the IPO plans in November last year, when it said it was in talks with investment banks for a US stock listing, targeting a valuation of about US$1 billion.
Gleb Budman and his partners had founded the cloud computing company in 2007. Initially, the company sold backup software to businesses and individual clients. Later, it forayed into the cloud storage business. Today, it provides services to customers in more than 170 countries.
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Source: Pixabay
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Share offerings and expected price range
The company will offer 6.25 million shares of Class A common stock. The underwriters can buy an additional 937,500 shares from the company within 30 days, it said in the SEC filing.
The IPO price is expected to be in the range of US$15.00 to US$17.00 per share. It will trade under the ticker symbol BLZE in the Nasdaq Global Market.
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How to buy Backblaze stocks?
Investors can buy the stocks after it starts trading on Nasdaq. However, they also buy them during pre-IPO offering through trading platforms or through registered stockbrokers. The pre-IPO stocks are generally provided on a lottery basis. Only the lucky ones might be able to get hold of them.
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Bottomline
The lead book-running managers are Oppenheimer & Co., William Blair, and Raymond James. In addition, JMP Securities and B. Riley Securities would act as joint book-running managers, while Lake Street would act as the co-manager for the proposed IPO.
For the six months ended on June 30, 2021, Backblaze's revenue was US$31.46 million, compared to US$25.37 million in the same period a year ago.
