The San Mateo, California-based firm said in a regulatory filing Tuesday that it had secured commitments from the two US companies to invest once it goes public on the New York Stock Exchange.
Snowflake submitted its initial public offering in August. This week, he revealed to the Securities and Exchange Commission that the firms of Warren Buffett and Marc Benioff would buy $ 250 million worth of shares in a private placement immediately after their debut on the market. The company said that the investments were “contingent on the completion of this offering.”
The news could generate more excitement for the planned IPO, for which the company already has high ambitions. Snowflake said in its prospectus Tuesday that it plans to sell 28 million shares, with the option to release an additional 4.2 million shares, at between $ 75 and $ 85 each.
The upper end of that range would value the eight-year-old company at nearly $ 23.7 billion, nearly double its previous February valuation of more than $ 12.4 billion.
The company plans to raise up to $ 2.7 billion in total, including earnings from its private investors, assuming a midpoint of $ 80 per share, he said. That could rise to $ 3 billion if underwriters exercise their option on the additional shares.
That would make it one of the largest in the world. Tech IPO of the Year, According to Dealogic. That doesn’t include secondary listings, like those on NetEase or JD.com, which have grossed the most, the research firm noted.
Snowflake was founded in 2012 as a “data warehouse built for the cloud” and has leading business software providers such as Google Cloud, Amazon Web Services and Microsoft Azure as partners.
The firm now has more than 2,000 employees in more than a dozen locations around the world, including the United States, Europe and Asia.
The company plans to go public in New York under the ticker symbol “SNOW.”
