Seeking Alpha contributor The Value Investor analyzes BLZE’s future prospects here. 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.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). 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. Backblaze (NASDAQ: BLZE) fired up investors for the fourth straight session on Tuesday, with the cloud-storage firm’s stock rising 23.5 on the day and closing almost 100 above a 16 IPO.The IPO raised 650 million, valuing the company at approximately 7 billion.
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. On Thursday, November 17, 2022, Backblaze, a cloud storage company, went public on the NASDAQ stock exchange under the ticker symbol BLZE.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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