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Snowflake prices an IPO above the range, implying a market cap of $ 33.3 billion



Frank Slootman, CEO of Snowflake


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

Snowflake is selling 28 million shares for $ 120 a piece, according to a person familiar with the matter who asked not to be named because the price was not 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 go public this week in one of the busiest times of the year. ‘year. $ 3.4 billion in supply.

Investors bid for Snowflake ahead of the offer because they anticipate a successful opening for a company that generates over $ 1 billion in annualized revenue and grown up more than 130% in the first semester. The company had already increased its expected initial price range from a high of $ 85 to a high of $ 110 in less than a week. Snowflake is growing alongside leading public cloud providers by providing technology that allows customers to quickly analyze and share large amounts of data and increase capacity as needed, rather than relying on databases. hardware-related data.

Last week, Snowflake revealed in a filing that Berkshire Hathaway and Salesforce have each agreed to buy $ 250 million of shares at the IPO price as part of a concurrent private placement. Berkshire Hathaway has also agreed to to buy 4.04 million shares in a side deal from former CEO Bob Muglia. Based on the IPO price, Berkshire will pay $ 484.8 million for these shares.

Snowflake is entering a hungry market of high growth cloud software manufacturers, especially those who have shown their ability to continue to grow during the coronavirus pandemic. Even after declining this month, the BVP Nasdaq Emerging Cloud Index, made up of more than 50 publicly traded companies, is up about 55% this year, compared to a gain of 25% for the Nasdaq and 5 , 3% for the S&P 500.

Zoom’s stock rose over 500% in 2020 and Fastly jumped over 300%. DocuSign, Shopify and Datadog more than doubled.

WATCH: Here’s what you need to know about Snowflake

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