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Backblaze is preparing for its initial public offering (IPO) that will see shares of its stock start trading today!
Let's jump into all the details traders need to know about the Backblaze IPO.
- First off, the company plans to list shares of BLZE stock on the Nasdaq Exchange.
- It's pricing these shares at $16 each, which is the midpoint of its previous range of $15 to $17 per share.
- It's also worth noting that the offering includes 6.25 million shares.
- This has Backblaze expecting gross proceeds of $100 million from the IPO.
- Underwriters also have a 30-day option to purchase an additional 937,500 shares at the IPO price.
- Oppenheimer & Co., William Blair and Raymond James are the lead book-running managers for the offering.
- JMP Securities and B. Riley Securities are serving as the joint book-running managers for it.
- Finally, Lake Street is acting as the co-manager of the IPO.
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- The Backblaze is set to close on Monday.
- Backblaze is a cloud storage company that makes it easy for users to save their data.
- Users can also make use of the company's services to host content, manage media, build apps, and more.
- The company currently has about 500,000 customers across more than 175 countries.
- The company was created by seven co-founders that built their own storage solutions.
- These co-founders had been working together for 20 years before creating Backblaze.
- During that time, they launched two other companies.
- They are also all still together working at Backblaze.
There's plenty more news worth diving into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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