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.