Snowflake raises $3.4B on IPO

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The US cloud software developer Snowflake raises nearly $ 3.4 billion with its IPO this week. The company is thus signing up for the largest IPO in the United States this year for an operating company.

Snowflake was founded in 2012 and provides, among other things, storage systems for data from various sources that enable rapid analysis. With those activities, the California company is one of the rare tech companies that can compete with Amazon.

At the IPO, the 28 million shares that Snowflake issues will be priced at $ 120 each. This is higher than initially estimated, as the Snowflake previously indicated that the pieces would be trading for a price between $ 100 and $ 110 each.

Snowflake posted sales of $ 264.7 million last year, which was 174 percent more than a year earlier. With the IPO, the company is attributed a value of more than 33 billion dollars. In an investment round in February, the software company was still worth $ 12.4 billion. It is the second largest IPO of 2020, after a special investment vehicle of billionaire Bill Ackman.

About the author

Maurice Eisma

Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email [email protected]

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