Snowflake to Raise $3.4 Billion from IPO
On Wednesday, Snowflake reported that it would raise an earth-shattering $3.4 Billion from its initial public offering, according to Markets Insider.
This figure made it the largest IPO for a software company. 28 million shares were priced at $120 each. The company was valued at $12.4 billion in February and is backed by famed investor Warren Buffett. Buffett's firm Berkshire has pledged around $550 million in the company once it goes public. The shares are listed under the ticker SNOW.
Snowflake is one of the major names in cloud-data warehousing and has done well this year amid the pandemic. The company has seen an influx of companies looking to set up networks on web-based platforms as the pandemic forced work-from-home policies to be implemented.
Snowflake was hoping to be valued around $20 billion. The company has about 3,100 customers. Ray Wang, an analyst from Constellation Research, believes it is "the blockbuster enterprise listing for 2020."