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Snowflake: Everything about the hottest tech listing
This year as the tech industry thrives, Snowflake is one of many start-ups that has gone public.
Snowflake Initial Public Offering
The cloud-based data-warehousing startup went public with its IPO listing on the NYSE on September 16, 2020. What is becoming the largest IPO in tech history started at $120 a share. By Wednesday afternoon it got raised to $245 a share due to the demand and even went above $300, for a 150% gain. The first day of trading finished with a 112% gain.
The company managed to raise nearly $3.4 billion by selling 28 million shares. Warren Buffett’s Berkshire Hathaway (BRKB), and Salesforce (CRM) secured a private placement of $250 million at the IPO price. Snowflake is valued at roughly $70 billion with the closing price of almost $254 per share. Other companies that own stakes in Snowflake Inc are Sutter Hill, ICONIQ Capital, Sequoia, Altimeter Capital, and Redpoint Ventures.
As compared to other tech backed companies that have gone public this year Snowflake’s IPO valuation is much larger. When it comes to the highest IPO valuation, only ZoomInfo falls on the list. ZoomInfo went public in June and had an IPO valuation of $8.2 billion. Snowflake priced higher making its IPO valuation more…
