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

Snowflake mentioned 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 largest US itemizing to this point 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 mentioned 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 to this point was the largest IPO of 2020, and underscores the current rebound in the US marketplace for new shares after the COVID-19 pandemic prompted a number of corporations 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 p.c stake in the corporate earlier than the providing.

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

The firm’s shares are set to start out buying and selling on the New York Stock Exchange on Wednesday beneath the ticker “SNOW,” and the providing is anticipated 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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Shekh Shahrukh

Shekh Shahrukh is a digital marketer, Entrepreneur, and a Journalism student at Delhi University. A news writer by day and news seeker by night, he is loathed to discuss himself in a third person but can be persuaded to do so from time to time.

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