BackBlaze files for IPO, not price range

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BackBlaze files for IPO, not price range

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 that it intends to list on the Nasdaq Global Market under the ticker symbol BLZE. BackBlaze said in its S - 1 that it has about 500,000 customers worldwide and $65 million in annual recurring revenue. It reported a revenue loss of $2.4 million in the second quarter.

Public cloud adoption has been quite transformational for a wide range of companies, the company said in its filing. The market however leaves complex, diversified public cloud vendors for multiple reasons, it said, including the focus on traditional products and pricing that challenges traditional companies.

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.