- Snowflake, backed by billionaire investors, said it would raise $ 3.4 billion in the largest software IPO ever, valued at $ 33 billion.
- The cloud-data platform will sell 28 million shares of one million 120 million pieces.
- Snowflake plans to list on the New York Stock Exchange under the ticker symbol “SNOW” from September 16.
- Its expected IPO has managed to grab the attention of billionaire investor Warren Buffett, who agreed to invest more than 50 50,550 million in the company after going public.
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Cloud startup Snowflake raised a record-breaking .4 4 billion on Wednesday, making it the largest start-up-offer ever made to a software company on Wednesday, which kicked off a big week for tech fir companies coming out this week.
Cloud-Data Warehousing initially announced it was selling 28 million shares valued at 120 each, meaning it would raise about 4. 4.4 billion in revenue.
Snowflake, which was valued at around .4 12.4 billion during a recent round of fundraising in February and counts billionaire investor Warren Buffett among its supporters, plans to list its shares on the New York Stock Exchange from September 16 under the ticker symbol “SNOW”. .
The highly anticipated IPO of the San Mateo-based company has managed to generate surprise enthusiasm from Buffett, who is clearly leading in popular tech stocks.
Business Insider had previously reported that Buffett had agreed to invest more than 5 50,550 million in the cloud-data company after it was made public.
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According to Renaissance Capital, Snowflake is the largest software IPO on record and the largest IPO since Uber’s .1 8.1 billion flotation in May 2019.
Especially this year it has emerged as a strong player in cloud-data warehousing, as epidemics forced millions of people to work remotely, fueling an already evolving trend in industries to network on web-based platforms.
According to the report, the company is valued at Rs 20 billion. In total, Snowflake has raised 1. 4 1.4 billion from investors, including Sequoia and Iconicu Capital.
Snowflake has about 3,100 customers, including 56 customers who contribute about 1 1 million over a 12-month period.
“It will be a blockbuster enterprise list for 2020,” said Ray Wang, a constellation research analyst, before the company was announced.
Other tech IPOs set to debut this week include the video-game software firm Unity, which is expected to raise 50 50,950 million, and data software platform Sumo Logic, which is expected to raise $ 281 million.
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