The organization’s revenue was 59.9 million for the year, which ended June thirty, a seventeen per cent increase over Q2 Marketing estimates. However, there are some concerns about the company’s financials, such as a decreasing revenue growth rate and mixed profitability numbers.ĭespite said concerns, Backblaze’s valuation is low even after the IPO bump and it has major potential, so investors should strongly consider this company.īackblaze (NASDAQ:BLZE) launched its public IPO on Thursday, and the cloud company has had a strong start. At the opposite end of the range, cloud backblaze thursday friday 100m 650mnovetcnbc made news with another initial public offering.
According to MarketWatch, Backblaze raised $100 million shares by selling 6.25 million shares at $16 apiece. The company saw its stock rise almost instantly, and currently sits at $22.99 as of Monday morning, a 44% increase.
The company will list its stock on the Nasdaq under the symbol 'BLZE', according to a filing. This gives the company a market cap of $671 million. This Thursday: Backblazes IPO could usher in the small-business cloud, why Twilio is going after the customer-data platform market, and now really might be the time to start crying, Argentina. There has been a great deal of interest in Backblaze for the fact that it debuted at such a small market cap compared to the other IPOs which have market caps in the billions, as well as the fact that it raised so little from private investors. Backblaze CEO Gleb Budman told Business Insiderthat "sitting on a large pile of cash on day one" worsens efficiency and morale, and so raised less than $3 million from outside investors.īut despite or perhaps because of these unusual qualities, there is a lot to like about Backblaze's potential.
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