BLZE’s pre-IPO investors include London-listed financial firm TMT Investments, which owns about 25% of the company. The New York Times’ Wirecutter review site recently lauded BLZE as “the easiest to use and the best cloud backup service for most people.”. The company’s subscription-based products compete with larger rivals like the S3 service from Amazon (NASDAQ: AMZN), Azure from Microsoft (NASDAQ: MSFT) and Google Cloud from Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). BLZE offers cloud-based computer storage and backup services to both businesses and consumers. Thursday’s rally boosted that up to about $582.5M. Assuming both carry the same price, that valued the company at about $468M on a non-diluted basis as of its IPO. Backblaze ( BLZE) will have a total of about 29.3M Class A and B shares outstanding going forward. one vote for Class A shares, giving insiders about 97% of BLZE’s voting power. The company also has Class B shares for executives and pre-IPO investors. BLZE also granted underwriters the option to buy 937,500 extra Class A shares for overallotments. 
The firm’s initial public offering raised $100M by selling some 6.3M Class A shares at the midpoint of their expected $15-$17/share range. Shares later pulled back, but still ended the day ahead 24.4% at $19.90. BLZE shot up to as high as a $22.25 intraday, up 39.1% from the stock’s $16-a-share IPO price. 
Backblaze (NASDAQ: BLZE) soared nearly 40% intraday Thursday in its first trading session following an IPO that valued the cloud-storage firm at just under $500M.
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