- Billionaire investor-backed Snowflake said it would raise $ 3.4 billion in the largest software IPO, giving it a value of more than $ 33 billion.
- The cloud-data platform will sell 28 million shares for $ 120 a piece.
- Snowflake plans to list on the New York Stock Exchange from September 16 under the ticker symbol “SNOW”.
- Its much-awaited IPO has managed to grab the attention of billionaire investor Warren Buffett, who agreed to invest more than $ 550 million in the company after it went public.
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Cloud startup Snowflake made a record $ 3.4 billion on Wednesday, the biggest opening-to-public offering for a software company, which is a big week for technology companies going public this week.
The cloud-data warehousing startup announced that it was selling 28 million shares for $ 120 each, which means it would raise about $ 3.4 billion in income.
Snowflake, which was valued around $ 12.4 billion in February around its most recent fundraising round and counts billionaire investor Warren Buffett among its backers, from September 16 on the New York Stock Exchange under the ticker symbol “SNOW” Plans to list its shares. .
The much awaited IPO of the San Mateo-based company has managed to generate astonishing enthusiasm from Buffett, which is famously far from tech stocks.
Business Insider previously reported that Buffett had once publicly agreed to invest more than $ 550 million in a cloud-data company.
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According to Rainsense Capital, Snowflake is the largest software IPO on record and the largest since Uber’s $ 8.1 billion floatation in May 2019.
It has emerged as one of the strongest players in cloud-data warehousing, particularly this year, as the epidemic forced millions of people to work remotely, setting up networks on web-based platforms for businesses. Promoted the already growing trend among.
The company was reportedly aiming for a high valuation of $ 20 billion. In total, Snowflake has raised $ 1.4 billion from investors including Sequoia and ICONIQ Capital.
Snowflake has approximately 3,100 customers, including 56 customers, who contributed approximately $ 1 million over a 12-month period.
Before the company went public, Ray Wang, an analyst with Constellation Research, said: “This is going to be a Blockbuster Enterprise listing for 2020.”
Other tech IPOs set up earlier this week include video-game software firm Unity, which is set to raise $ 950 million, and data-software platform Sumo Logic, expected to raise $ 281 million.
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