![]() The IPO is being led by Goldman Sachs and J.P. However, the company’s CEO, Gleb Budman, said that they decided to go public in order to give employees and early investors an opportunity to cash out. This comes as a bit of a surprise because Backblaze was not planning to go public and had no intention of doing so. ![]() ![]() Backblaze has raised $100 million in funding and is valued at $650 million. The company will list on the Nasdaq under the ticker “BZUN”. I believe that the stock will be a great addition to any portfolio.īackblaze, an online backup service, is set to go public on Thursday. The company has a strong track record and is well-positioned for continued success. “In conclusion, backblaze nasdaq thursday 100m ipo 650mnovetcnbc is an excellent investment opportunity. The company provides cloud backup services for consumers and businesses. Backblaze was founded in 2007 and is headquartered in San Mateo, California. The offering is expected to close on Tuesday, October 2, 2018. Backblaze has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock at the IPO price. The company said it will offer 6.5 million shares of its common stock at a price of $15.00 per share. We wish them many more successes going forward!Īlso, Read an Interview with SkySilk CEO on Parler’s Exit from Amazon: An Allyn-PR Perspective.Backblaze, an online backup service, announced on Thursday that it has priced its initial public offering at $100 million. Backblaze has undoubtedly come a long way since its launch nine years ago. It shows that there is still plenty of room in the cloud storage sector, even as market veterans like Microsoft and Google dominate it. It is an impressive achievement for any business and particularly remarkable for start-ups like Cloud Backblaze Thursday 100M IPO 650MNovetCNBC. The company has a relatively small market share compared to its competitors, so it may be difficult for Backblaze to scale up and become a significant player in the cloud storage industry.Ĭloud storage provider Backblaze’s Thursday 100M IPO was a huge success, with the company raising 650 million.The company relies heavily on Amazon Web Services (AWS) for its infrastructure, so if AWS were to experience an outage or suffer another significant issue, Backblaze could be negatively affected.The company is yet to be profitable, so there is no guarantee that it will ever become profitable. ![]() Investing in Backblaze comes with a few potential risks: What risks come with investing in Backblaze? Additionally, Backblaze will finance future acquisitions and expand the business into new markets with the funds. How will the funds be used?īackblaze will invest in infrastructure and growth funds raised from its Thursday IPO. It has over 700,000 customers and stores over 50 petabytes of data. The founders of Backblaze established the company in 2007 and offered unlimited backup space for $5 per month. How much did Backblaze raise in their IPO?Īccording to CNBC, cloud storage company Cloud Backblaze Thursday 100M IPO 650MNovetCNBC raised $150 million in its IPO on Thursday, pricing its shares at $23 each.Īpproximately $1.3 billion is the company’s value. Individual investors can then participate in the IPO through their brokerages. Institutional investors line up, then the IPO prices, and allocate the allocations.The investment bank(s) then “sell” the IPO to institutional investors such as mutual funds and hedge funds.The investment bank(s) then work with the company to determine the best price and timing for the IPO.The company hires an investment bank or bank to underwrite the IPO.Companies often raise capital through IPOs for expansion, acquisitions, or other purposes.Ī typical IPO involves the following steps: What is an IPO?Īn initial public offering (IPO) is the process of selling shares of a privately held company to the public for the first time. With Cloud Backblaze Thursday 100M IPO 650MNovetCNBC, you can restore your data anytime from any device. ![]() Backblaze provides safe and secure storage for files of any size and type in the cloud.
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