Snowflake is likely to make the biggest US stock market debut of the year to date – and at the same time the biggest stock market debut of any software company. The provider of cloud-based data warehousing services takes almost 3.4 billion US dollars with the IPO.
Cloud data specialist Snowflake will sell 28 million shares at $ 120 each when it goes public. This brings the company, founded in 2012, a total of $ 3.36 billion. The value is well above the originally targeted goal.
Snowflake is making the biggest US stock market debut of the year to date and clearly outperforms the previous front runners, the pharmaceutical company Royalty Pharma and the music company Warner Music. It is also the largest IPO for a software company in the world. Snowflake was valued at $ 12.4 billion in the last funding round in February 2020. With the IPO, the company’s valuation now rises to $ 33 billion.
Snowflake: This is behind the provider of data warehousing services
Snowflake was founded in San Mateo, California in 2012. Two of the three founders previously worked for the database specialist Oracle. The company specializes in cloud-based data warehousing products. Companies can use the offer to store and analyze large amounts of data. Snowflake also offers a marketplace through which companies can make their data available to others.
Snowflake has grown significantly recently. The company’s revenue increased 121 percent in the second quarter of 2020 compared to the same period last year. Like many startups, Snowflake also had to spend a lot of money to secure market share. In the past fiscal year, the company amassed net losses of $ 348.5 million. Sales were $ 264.7 million.