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Backblaze’s IPO a test for smaller tech concerns

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How open is the IPO market for non-unicorns?

Alex Wilhelm

7 hours

When Backblaze first filed to go public, TechCrunch found it a compelling company. With a central core of content to help power customer acquisition and a huge swath of customers, it was an interesting cloud storage play. But when it came to pricing, we had little idea of how to value the company.
Since it was smaller in revenue terms than most tech companies going public these days, we deferred on judging its worth until Backblaze itself provided some guidance. And it has, namely an S-1/A filing indicating that the company expects to price its IPO between $15 and $17 per share.
At its IPO price range and 28,545,893 shares expected to be outstanding after its IPO, Backblaze is worth $428.2 million to $485.3 million. Notably the company’s fully-diluted valuation is quite a bit higher, with Renaissance Capital reporting that at $16 per share, Backblaze’s valuation inclusive of shares that have been earned, if not yet exercised via options or similar, to be $64 …

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