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Buffett-backed cloud unicorn Snowflake nights $ 3.4 billion. In record-breaking software for IPO



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  • Billionaire investor-backed Snowflake said it would raise $ 3.4 billion in the largest IPO software ever, giving it a value of over $ 33 billion.
  • The cloud data platform will sell 28 million shares at a price of $ 120 per share. PCS.
  • Snowflake plans to list on the New York Stock Exchange under the ticker symbol “SNOW” from September 16th.
  • Its highly anticipated IPO has managed to capture the attention of billionaire investor Warren Buffett, who agreed to invest more than $ 550 million in the company after its announcement.
  • Visit the Business Insider website for more stories.

Cloud startup Snowflake on Wednesday raised a record-breaking $ 3.4 billion in the largest ever-first public offering to a software company on Wednesday, launching a big week for technology companies that went public this week.

Launch of cloud data warehousing announced that it is selling 28 million shares worth $ 120 each, meaning it would raise nearly $ 3.4 billion in revenue.

Snowflake, valued at $ 12.4 billion. Dollars around the time of its latest fundraising round in February and counting billionaire investor Warren Buffett among its backers, plans to list its shares on the New York Stock Exchange under the ticker symbol “SNOW” from 16 September. .

The San Mateo-based company’s highly anticipated IPO has managed to create surprise enthusiasm from Buffett, who famously steers away from technical stocks.

Business Insider previously reported that Buffett had agreed to invest up to $ 550 million in the cloud data company when it was first announced.

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Snowflake is the largest software-listed record, according to Renaissance Capital, and the largest since Uber’s $ 8.1 billion move in May 2019.

It has emerged as one of the strongest players in cloud data warehousing, especially this year as the pandemic forced millions of people to work remotely, fostering an already growing trend among companies to network on web-based platforms.

The company reportedly aimed for a valuation as high as $ 20 billion. In total, Snowflake has raised $ 1.4 billion from investors including Sequoia and ICONIQ Capital.

Snowflake has about 3,100 customers, including 56 customers who contributed about $ 1 million over a 12-month period.

Before the company was listed, Ray Wang, an analyst at Constellation Research, said: “It’s going to be the giant company listing in 2020.”

Other technical IPOs scheduled to debut this week include video game software company Unity, which is expected to raise $ 950 million, and computer software platform Sumo Logic, which is expected to raise $ 281 million.

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