The company will list its stock on the Nasdaq under the symbol “ BLZE”, according to a filing. Analyst Erik Suppiger reiterated a Buy rating on Backblaze today a. Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze’s offering. In the cloud storage space, it competes with the likes of Inc’s Amazon Web Services, although Backblaze targets smaller companies.Īccording to a report Impact-of- COVID-19-on-the-Market- by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020. It has since expanded into cloud storage, with over half a million overall customers across more than 175 countries. San Mateo, California-based Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies. Backblaze has applied to list its Class A common stock on the Nasdaq Global Market under the ticker symbol BLZE. But investing in the cloud is no longer new, and some believe the blockchain revolution of Web 3. The initial public offering price is expected to be between 15.00 and 17.00 per share. Since then, its share price has risen over 60, proving there's still a great attraction in cloud-based services. Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around $1 billion. Backblaze (NASDAQ: BLZE) went public via IPO last week. san mateo, calif.- ( business wire )-backblaze, inc. initial public offering ( IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings during the COVID-19 pandemic. No cash balance or cash flow is included in the calculation.– Cloud storage provider Backblaze Inc filed for a U.S. (NASDAQ: BLZE) opened for trading at 19 after pricing 6,250,000 shares of its Class A common stock at a price to the public of 16.00 per. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around 1 billion. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. Actual performance may differ significantly from backtested performance. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Backblaze said it plans to sell 6.25 million shares at between 15-17 (£11-£12. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Backtested performance is developed with the benefit of hindsight and has inherent limitations. This information is provided for illustrative purposes only. No representations and warranties are made as to the reasonableness of the assumptions. Latest Trade: 9.71 0.00 (0.0) First Day Return: +24.4. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Changes in these assumptions may have a material impact on the backtested returns presented. , and our comprehensive analysis, click 'Buy Market Research'. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. For IPO Boutiques 'scale of 1 to 5' BUY rating on Backblaze, Inc. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested performance is not an indicator of future actual results. Disclaimer: The TipRanks Smart Score performance is based on backtested results.
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