The company announced on Tuesday that it has priced its initial public offering at $23 per share, valuing the company at $2.3 billion.īackblaze will trade on the Nasdaq under the ticker “BB.” Backblaze IPO values company at $2.3Bīackblaze, the cloud backup and storage company, is going public. The company will trade on the Nasdaq under the symbol “BZUN.” 3. Backblaze has over 100,000 customers in over 150 countries. The company was founded in 2007 and is headquartered in San Mateo, California. The company priced its IPO at $23 per share on Wednesday, raising $650 million. The company raised $650 million in the offering.īackblaze is a cloud storage provider that offers unlimited storage for a monthly fee. Cloud storage provider Backblaze prices IPO at $23 per shareīackblaze, a cloud storage provider, priced its IPO at $23 per share on Wednesday. In the past year, Nasdaq has also seen IPOs from Slack, 2. Nasdaq is quickly becoming the go-to exchange for tech IPOs. The other is Snowflake, which raised $3.4 billion in its IPO earlier this month. With the Backblaze IPO, Nasdaq now has two of the three biggest tech IPOs of the year. After a slow start to the year, there have been a number of high-profile tech IPOs in recent months, including Airbnb, DoorDash, and Snowflake. The Backblaze IPO is another sign that the tech IPO market is heating up. Nasdaq has been aggressively courting tech companies in recent years, and has been successful in convincing many to list on the exchange. The IPO is also a big win for Nasdaq, which has been working to attract more tech IPOs. The banks have been working with Backblaze for years and have been instrumental in helping the company grow. The IPO gives the company a much needed influx of cash to invest in its business and expand its product offerings.įor Goldman Sachs, Morgan Stanley, and Barclays, the IPO is a major coup. This is a big win for Backblaze and its investors, who have been waiting for the company to go public for years. Backblaze plans to use the proceeds from the IPO to invest in its business and expand its product offerings. The company has been profitable since 2014, and generated $233 million in revenue in 2020. The company has a pay-as-you-go pricing model, with customers paying for the amount of storage they use. Backblaze sold 28.3 million shares in the IPO, which was led by Goldman Sachs, Morgan Stanley, and Barclays.īackblaze provides cloud backup and storage services to more than half a million customers, including businesses and individual consumers. The company, which was founded in 2007, priced its shares at $23 each, valuating the company at $4.4 billion. Backblaze goes public with $650M IPOīackblaze, a cloud backup and storage company, went public on Friday with an initial public offering (IPO) that raised $650 million. Backblaze was founded in 2007 and is headquartered in San Mateo, California. The company said it plans to raise up to $650 million in its initial public offering. (Large-cap stocks with major cloud-computing operations like Amazon and Microsoft are not included.) The performance has to do with the strength of its constituents: Mostly mid-cap companies that have gone public in the last few years, and that provide specialized cloud services for businesses in areas like human resources, payments or communications.Backblaze, a cloud backup and storage company, announced Thursday that it has filed to go public on Nasdaq. When companies, government agencies and schools cannot as easily access their data center equipment for installing or managing software - for example, because of the coronavirus pandemic - cloud services can provide convenient and potentially less expensive alternatives. Investors have been rewarding these companies for their recent gains, but the trend may not continue as people return to school and work. One of the top performers of the index in the past month is website builder Wix, which has risen 65%. The company has seen greater demand as of late with people wanting to represent themselves online, which led executives to release a "significantly higher outlook for Q2 than we originally expected," according to its first-quarter earnings statement from last week.Ĭompanies have flocked to newer cloud technologies like Twilio for communications and Everbridge for emergency response, and the BVP index has both. Zoom, the video calling software provider that is arguably one of the biggest beneficiaries of the coronavirus pandemic, is part of the index its stock is up 154% for the year. #CLOUD BACKBLAZE NASDAQ IPO 650MNOVETCNBC SOFTWARE# #CLOUD BACKBLAZE NASDAQ IPO 650MNOVETCNBC SOFTWARE#.
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