(Reuters) – Cloud storage provider Backblaze Inc filed for a U.S. The core platform of Backblaze's cloud services is the Backblaze Storage Cloud, and it keeps over 500 billion files available on demand. Initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings during the COVID-19 pandemic. Cloud-based storage space provider Backblaze, Inc. is looking to go public in the US stock markets as demand for cloud computing surged during the COVID-19 pandemic. Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around $1 billion. This suggests a possible upside of 148.8 from the stocks current price. On average, they anticipate the companys share price to reach 10.70 in the next year. Their BLZE share price forecasts range from 7.50 to 18.00. San Mateo, California-based Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies. 5 Wall Street analysts have issued twelve-month target prices for Backblazes stock. ![]() CLOUD BACKBLAZE NASDAQ IPO 650MNOVETCNBC SOFTWARE It has since expanded into cloud storage, with over half a million overall customers across more than 175 countries. In the cloud storage space, it competes with the likes of Inc’s Amazon Web Services, although Backblaze targets smaller companies.Īccording to a report Impact-of-COVID-19-on-the-Market- by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020. Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze’s offering. Investors may trade in the Pre-Market (4:00-9:30 a.m. ![]() The company will list its stock on the Nasdaq under the symbol “BLZE”, according to a filing. CLOUD BACKBLAZE NASDAQ IPO 650MNOVETCNBC SOFTWAREĮT) and the After Hours Market (4:00-8:00 p.m.
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