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Snowflake IPO Raises $3.36 Billion, The Biggest So Far In 2020

Snowflake IPO Raises $3.36 Billion, The Biggest So Far In 2020

data science platforms

San Mateo-headquartered cloud data platform, Snowflake raised $3.36 billion in its initial public offering, which is also this year’s biggest US listing so far. The IPO was priced at $120.00 per share of Class A common stock. The company, according to its blog post, was aiming to sell it for 28 million.

This has surpassed the IPO of Royalty Pharma RPRX.O, which was the biggest so far, for the year 2020. Snowflake IPO comes as a rebound for the US stock market, as many companies had put a hold on IPO due to COVID-19 pandemic.

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As per the company’s blog post, the shares began trading on the New York Stock Exchange under the ticker symbol “SNOW” on September 16, 2020. It had granted the underwriters a 30-day option to purchase up to 4,200,000 additional shares of Class A common stock at the initial public offering price less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, Allen & Company LLC, and Citigroup are the lead underwriters for the offering.

Snowflake had filed to go public earlier this year, shortly after its last funding in February. It was one of the biggest funding news for analytics and data science platform as it raised $479 million on a $12.4 billion valuation with Salesforce’s corporate venture along with Dragoneer Investment Group leading the investment. It had also raised $263 million and an extra $450 million round led by Sequoia Capital and other investors.  

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Snowflake is estimated to have raised more than $1.4 billion to date. It also reported a jump in revenue from 173.9% to $264.7 million for the full year ended Jan. 31.

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