Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Snowflake prices IPO over the range, which implies a market coverage of 33.3 billion. $

Snowflake prices IPO over the range, which implies a market coverage of 33.3 billion. $



Snowflake CEO Frank Slootman

Snefnug

Snowflake, a provider of cloud-based data storage and analytics software, priced its IPO over its increased range in a bid that values ​​the company at $ 33.3 billion.

Snowflake sells 28 million shares at $ 120 per share. Piece according to a person familiar with the matter who asked not to be named because the pricing has not been made public. The company, which is set to debut on the New York Stock Exchange on Wednesday under the ticker symbol “SNOW,”

; is the first of several technology companies to announce this week in one of the busiest stretches of the year. Snowflake will travel approx. $ 3.4 billion. From the offer.

Investors are bidding on Snowflake ahead of the offering, as they expect a huge opening for a company generating over $ 1 billion. $ In annual revenue and grew over 130% in the first half of the year. The company had already raised its expected debut price range from a maximum of $ 85 to a maximum of $ 110 in less than a week. Snowflake is growing with the major public cloud providers by offering technology that enables clients to quickly analyze and share large amounts of data and increase capacity as needed rather than relying on hardware-bound databases.

Last week, Snowflake revealed in an application that Berkshire Hathaway and Salesforce each agreed to buy $ 250 million of shares at the IPO in a simultaneously private placement. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary transaction from former CEO Bob Muglia. Based on the IPO price, Berkshire pays $ 484.8 million for these shares.

Snowflake is entering a market that is hungry for high-growth cloud software vendors, especially those that have shown an ability to continue to expand through the coronavirus pandemic. Even after retiring this month, the BVP Nasdaq Emerging Cloud Index, which consists of over 50 listed companies, has risen by approx. 55% this year compared to a 25% gain for Nasdaq and 5.3% progress in the S&P 500.

Zoom’s share has risen by over 500% in 2020, and Fastly has risen more than 300%. DocuSign, Shopify and Datadog have more than doubled.

CLOCK: Here’s what to know about Snowflake


Source link