Snowflake IPO Raises $3.36 Billion in Year’s Biggest US Listing

Snowflake stated late on Tuesday that its preliminary public providing raised $3.36 billion (roughly Rs. 24,711 crores) after it was priced above the goal vary in the most important US itemizing thus far this yr.

The IPO, which was priced at $120 (roughly Rs. 8,830) per share, values the cloud-based information warehouse agency at north of $30 billion (roughly Rs. 2,20,606 crores).

San Mateo, California-based Snowflake stated on Monday it was aiming to promote 28 million shares at $100 (roughly Rs. 7,350) to $110 (rouhgly Rs. 8,090) per share after its anticipated pricing was raised from a spread of $75 (roughly Rs. 5,520) to $85 (roughly Rs. 6,250) per share final week.

Snowflake’s IPO eclipses that of Royalty Pharma, which thus far was the most important IPO of 2020, and underscores the latest rebound in the US marketplace for new shares after the COVID-19 pandemic prompted a number of firms to place IPO plans on maintain.

Snowflake confidentially filed to go public earlier this yr, shortly after its final funding in February that valued it at over $12 billion (roughly Rs. 88,246 crores). Venture capital agency Sequoia owned an 8.four % stake in the corporate earlier than the providing.

Snowflake’s income jumped 173.9 % to $264.7 million (roughly Rs. 1,946 crores) for the complete yr ended January 31, although its internet loss almost doubled to $348.54 million (roughly Rs. 2,563 crores).

The firm’s shares are set to begin buying and selling on the New York Stock Exchange on Wednesday beneath the ticker “SNOW,” and the providing is predicted to shut on September 18.

Goldman Sachs, Morgan Stanley, JP Morgan, Allen & Co and Citigroup are the lead underwriters for the providing.

© Thomson Reuters 2020

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