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How the stock trades at its debut



SNOW) increased by over 130% during the first trading minutes on Wednesday. The stock opened at $ 245 per share. Shares. That’s more than double its IPO price of $ 120. “Data-reactid =” 17 “> Snowflake (SNOW) rose sharply by over 130% during the first minutes of trading on Wednesday, with the stock opening at $ 245 per price. at $ 120.

The cloud data company sold 28 million shares, creating approx. $ 3.36 billion, the largest initial public offering by a software company.

who raised $ 4 billion. earlier this year.“data-reactid =” 23 “> This was also the biggest IPO of the year, apart from SPAC backed by billionaire Bill Ackman’s Pershing Square’s Tontine Holdings, which raised $ 4 billion earlier in the year.

The cloud industry has been on a hot track creating growing enthusiasm.

in archives last week that Warren Buffett’s Berkshire Hathaway (BRK-A, BRK-B) would invest $ 250 million at the IPO price. In addition, it would also buy 4 million shares belonging to Snowflake’s former CEO Bob Muglia. “Data-reactid =” 25 “> Snowflake’s debut got further profile increase after it was revealed in filing last week that Warren Buffett’s Berkshire Hathaway (BRK-A), BRK-B) would invest $ 250 million in the IPO. it would also buy 4 million shares belonging to Snowflakes former CEO Bob Muglia.

Feb 19, 2020 San Mateo / CA / USA – Snowflake Headquarters in Silicon Valley; Snowflake Inc. is a cloud-based startup of data storage

CRM) would also buy $ 250 million worth of shares of the cloud-based data platform in a private location following its public debut. “data-reactid =” 37 “> The archive also showed Salesforce Ventures, the VC portion of Salesforce (CRM) would also buy $ 250 million of shares in the cloud-based data platform in a private location after its public debut.

For the fiscal year ending January 31, 2020, Snowflake’s revenue increased by 174% the year before. In the six months ended July 31, 2020, its revenue growth represented a year-on-year growth of 133%.

The stock’s performance on the first trading day may bring debate as to whether the IPO was undervalued.

recently approved a New York Stock Exchange proposal to give companies the opportunity to raise new capital in a direct list, something it was not allowed to do before. This new type of direct listing is seen as a way to avoid expensive subscription fees and underpricing. “Data-reactid =” 40 “> The SEC recently approved a proposal from the New York Stock Exchange to allow companies to raise new capital in a direct listing, something it was not allowed to do before. This new type of direct listing is seen as a way to avoid expensive subscription fees and underpricing.

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@ines_ferre“data-reactid =” 56 “>Ines covers the US stock market. Follow her on Twitter at @ines_ferre

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