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Storage cloud platform Backblaze sets terms for $100 million IPO

November 2, 2021

Backblaze, which provides cloud storage for consumers and SMBs, announced terms for its IPO on Tuesday.

The San Mateo, CA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Backblaze would command a fully diluted market value of $644 million.

Backblaze states that it is a leading storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data. It provides these cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. The company has attracted over 480,000 customers, who use its Backblaze Storage Cloud platform across more than 175 countries on its approximately 2 exabytes, or 2 trillion megabytes, of data storage under management.

Backblaze was founded in 2007 and booked $60 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol BLZE. Oppenheimer & Co., William Blair, Raymond James, JMP Securities, and B. Riley Securities are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.