![]() initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings. The company is valued at under 1 billion even after its IPO pop. Seeking Alpha contributor The Value Investor analyzes BLZE’s future prospects here. Cloud storage provider Backblaze Inc filed for a U.S. Backblaze went public this week after generating just 16 million in revenue in the second quarter. one for every Class A share, giving Class B stockholders 97% of the voting power. Additionally, company executives and pre-IPO investors own Class B shares that carry 10 votes each vs.BLZE also gave underwriters the option to buy 937,500 extra Class A shares for overallotments. Backblaze ( BLZE) last week raised $100M selling roughly 6.3M Class A shares at the midpoint of the IPO’s expected $15-$17/share range.Shares will trade on the Nasdaq under the 'BLZE' ticker. ![]() The company competes with the likes of S3 service from Amazon (NASDAQ: AMZN), Azure from Microsoft (NASDAQ: MSFT) and Google Cloud from Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Backblaze said it plans to sell 6.25 million shares at between 15-17 (£11-£12.50) per share in its forthcoming initial public offering (IPO), according to new paperwork filed with the market regulator. BLZE provides business and consumer clients with subscription cloud-based computer storage and backup services.The stock popped 24.4% last Thursday in its first trading session, then added another 10.8% Friday and extended its rally to a third day on Monday. Backblaze ( BLZE) was rising on no apparent news other than continued enthusiasm for its initial public offering.BLZE rose as much as 29.7% to $28.59 before pulling back to close at $25.50, ahead 15.7% for the day and 59.4% since the stock staged an IPO at $16 a share.Backblaze (NASDAQ: BLZE) was fire Monday for the third straight session since its IPO last week, up some 16% on the day and roughly 60% since the cloud-storage firm went public last Thursday.
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