Raised $100 million in an IPO last Thursday and has attracted attention for going public without raising significant funds from private investors.īackblaze has secured a unique niche in the cloud storage by focusing on smaller businesses, enabling it to grow despite the threat of companies like Amazon. Backblaze intends to raise 100 million in gross proceeds from an IPO of its Class A common stock, offering 6.25 million shares at a proposed midpoint price of 16.00 per share. However, there are some concerns about the company’s financials, such as a decreasing revenue growth rate and mixed profitability numbers.ĭespite said concerns, Backblaze’s valuation is low even after the IPO bump and it has major potential, so investors should strongly consider this company.īackblaze (NASDAQ:BLZE) launched its public IPO on Thursday, and the cloud company has had a strong start. Cloud backblaze nasdaq ipo 650mnovetcnbc Backblaze CEO Gleb Budman told Business Insiderthat 'sitting on a large pile of cash on day one' worsens efficiency and morale, and so raised less than 3 million from outside investors.ut despite or perhaps because of these unusual qualities, there is a lot to like about Backblaze's potential. This compares to loss of 0.41 per share a year ago. (BLZE) came out with a quarterly loss of 0.26 per share versus the Zacks Consensus Estimate of a loss of 0.29. According to MarketWatch, Backblaze raised $100 million shares by selling 6.25 million shares at $16 apiece. (BLZE) Reports Q1 Loss, Tops Revenue Estimates. 11, where it raised a modest 100 million. The company saw its stock rise almost instantly, and currently sits at $22.99 as of Monday morning, a 44% increase. Cloud data and backup specialist Backblaze wasn’t the splashiest tech IPO of the year when it debuted on the Nasdaq on Nov. This gives the company a market cap of $671 million. The lead underwriters for the IPO were Goldman Sachs, JPMorgan, and Morgan Stanley. The IPO raised 650 million by selling 26 million shares, making it one of the largest tech IPOs of the year. There has been a great deal of interest in Backblaze for the fact that it debuted at such a small market cap compared to the other IPOs which have market caps in the billions, as well as the fact that it raised so little from private investors. Backblaze’s IPO was priced at 25 per share, above the expected range of 20 to 23 per share. Backblaze CEO Gleb Budman told Business Insiderthat "sitting on a large pile of cash on day one" worsens efficiency and morale, and so raised less than $3 million from outside investors.īut despite or perhaps because of these unusual qualities, there is a lot to like about Backblaze's potential.
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