Snowlake is Now the Biggest Ever Software IPO
Posted on 09/16/2020
Snowflake, Inc. is a San Mateo, California-based cloud data warehousing company. Before its initial public offering, the company disclosed that Berkshire Hathaway and Salesforce Ventures each purchased $250 million worth of shares. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary transaction.
Snowflake raised approximately US$ 1.4 billion in venture capital funding, giving it a US$ 12.4 billion valuation. Sutter Hill Ventures held a 20.3% pre-IPO stake, along with Altimeter at 14.8%, ICONIQ Capital at 13.8%, Redpoint Ventures at 9%, Sequoia Capital at 8.4%, and Dragoneer. Snowflake trades under “SNOW”.
Snowflake began trading Wednesday on the New York Stock Exchange at US$ 245 per share. The stock was briefly halted due to market volatility. Snowflake was worth US$ 67.94 billion at its opening price, well-above its private market valuation at US$ 12.4 billion.