Cloud storage company BackBlaze files for IPO

Cloud Storage Platform BackBlaze Inc. filed for an IPO on Monday.

In a statement, the San Mateo, California-based company said it has not yet determined how many shares it will offer, nor a price range. An S-1 filing with the Securities and Exchange Commission said it plans to raise $100 million, which is mostly a placeholder that will be updated at a later date. BackBlaze said it plans to list on the Nasdaq Global Market under the ticker symbol “BLZE.”

In its S-1, BackBlaze said it has about 500,000 customers worldwide and about $65 million in annual recurring revenue. It reported a loss of $2.4 million in the second quarter, on revenue of $16.2 million.

“The adoption of the public cloud has been rapid and transformative for a wide range of businesses,” the company said in its filing. “However, the market is demanding alternatives to the traditional, diversified public cloud vendors for multiple reasons,” it said, including a focus on complex products and pricing that mid-market companies are leaving behind.

Until then, BackBlaze said it was “designed to meet large unmet market needs, particularly among mid-sized businesses.”

Oppenheimer & Co., William Blair and Raymond James will act as lead underwriters for the offering.

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