Backblaze (BLZE) IPO: 9 Things to Know About the Upcoming Offering

Backblaze (NASDAQ: BLZE), a storage cloud platform, plans to go public next week. The IPO will be available on Robinhood's IPO Access platform, among other brokerages. Here are 9 key things to know about the upcoming Backblaze IPO:

1. Backblaze IPO Date - Backblaze will go public next Thursday, November 11. Backblaze will start trading under the ticker symbol “BLZE” on Nasdaq. Generally, shares that make their public stock market debuts start trading between 10 AM - 2 PM ET.

2. Backblaze IPO Pricing - Backblaze expects to price its shares between $15.00 and $17.00 per share.

3. Shares Offered - Backblaze is looking to sell 6,250,000 shares. The S-1 filing shows the number of outstanding shares after IPO offering would be 28,545,893 shares.

4. Backblaze IPO Valuation - Backblaze is seeking a valuation of between $428 million to $485 million.

5. BLZE IPO Raised Proceeds: Backblaze is looking to raise $100 million at the midpoint of the expected pricing range. The company intends to use raised proceeds to increase its financial flexibility and create a public market for our Class A common stock, obtain additional working capital, and facilitate our future access to the public equity markets.

6. BLZE IPO Underwriters - Oppenheimer, William Blair, and Raymond James are key IPO underwriters. JMP and B.Riley are also taking part in the offering.

7. Backblaze Financials - Backblaze said it registered revenues of $53.8 million in 2020, as well as a $6.6 million net loss. As of June 30 this year, the annual recurring revenue was $64.8 million while net losses were $6.1 million. For the three months ended September 30, 2021, we expect to report revenue in the range of $17.0 million to $17.3 million, representing growth in the range of 23% to 25% compared to the three months ended September 30, 2020. Revenue growth was driven primarily by increased usage of our cloud services, as well as an August 2021 price increase for our Computer Backup offering.

8. Backblaze Ownership - TMT Investments PLC will control 15.7% of total voting power after IPO, CEO and co-founder Gleb Budman 12.7%, Brian Wilson, Timothy Nufire, and Kwok Hang Ng 12.6% each, Charles Jones 12.3%, etc.

9. Backblaze Total Addressable Market (TAM) - According to forecasts from International Data Corporation (IDC), the worldwide market for Public Cloud IaaS Storage is $27.6 billion in 2020 and is expected to grow to $91.0 billion by 2025.

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