Blackblaze eyes $100 million in IPO proceeds


Data management software company Backblaze Inc. on Tuesday said it plans to sell 6.25 million shares of Class A common stock at $15 to $17 per share in its upcoming initial public offering. The Palo Alto, Calif.-based company plans to trade on the Nasdaq under the symbol BLZE. At the midpoint of the range, Blackblaze will raise $100 million with lead underwriters Oppenheimer & Co., William Blair and Raymond James. The company will have 28.55 million Class A and Class B shares outstanding after the IPO, with a market cap of about $457 million, based on a share price of $16. Blackblaze reported a net loss of $6.1 million on revenue of $31.5 million in the six months ended June 30, compared to a net loss of $1.35 million and revenue of $25.4 million in the year-ago period. TMT Investments PLC will own about 16% of the voting power of the company’s stock once it goes public.

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