Snowflake IPO rises to $ 3.36 billion in biggest US list of the year


Snowflake said late on Tuesday that its initial public offering raised $ 3.36 billion (about Rs 24,711 crore) after it priced above the target range on the largest US list so far this year.

IPO, valued at $ 120 (approximately Rs. 8,830) per share Cloud-based Data warehouse firm north of $ 30 billion (about Rs 2,20,606 crore).

San Mateo, California Snowflake On Monday, it was said to raise its estimated price from $ 75 (roughly Rs. 5,520) to $ 85 (roughly Rs. 5,520) to 28 million shares from $ 100 (about Rs. 7,350) to $ 110 (roughly Rs. 8,090). The target was to sell at per share. 6,250 per share last week.

Snowflake’s IPO eclipses Royalty Pharma, its largest IPO of 2020 so far, and underscores recent rebound in US market for new shares COVID-19 The epidemic prompted many companies to scramble IPO plans.

Snowflake was confidentially filed publicly earlier this year, soon after its last funding in February that valued it at over $ 12 billion (about Rs 88,246 crore). Venture capital firm Sequoia had an 8.4 percent stake in the company prior to the offer.

Snowflake’s revenue for the full year ended 31 January rose 173.9 percent to $ 264.7 million (about Rs 1,946 crore), though its net loss almost doubled to $ 348.54 million (about Rs 2,55 crore).

The company’s shares are set to begin trading on Wednesday on the New York Stock Exchange under the ticker “SNOW”, and the offering is expected to close on September 18.

Goldman Sachs, Morgan Stanley, J. P. Mourgan, Allen & Company and Citigroup The major underwriters are for this offering.

© Thomson Reuters 2020


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