IPO Report: Cloud-storage company BackBlaze files for IPO

Cloud-storage platform BackBlaze Inc. filed for an initial public offering Monday.

In a statement, the San Mateo, Calif.-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 intends to raise $100 million, which is typically a placeholder figure that will be updated at a later date. BackBlaze said it intends 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 $2.4 million loss in its second quarter, on $16.2 million in revenue.

“Public cloud adoption has been rapid and transformational for a wide range of companies,” 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 leaves behind medium-sized businesses.

To that point, BackBlaze said it is “designed to fulfill major unmet market needs, particularly among mid-market businesses.”

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

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