Snowflake banners adorn the New York Stock Exchange to market the debut of the software company’s shares in New York City on September 16, 2020.
Snowflake is expected to debut on the New York Stock Exchange on Wednesday, as part of the largest software IPO ever.
At 12:29 ET, it was stated that the shares would open between $ 238 and $ 241. Snowflake Tuesday shares priced at $ 120, Higher than the $ 100 to $ 110 range he estimated on Monday, and a huge increase from the $ 75 to $ 85 range that it offered in a filing last week.
The share will trade under the symbol “NEIGE”.
Investors predict a successful opening for the company that generates more than $ 500 million in annualized revenue and grown up over 130% in the first half of 2020. The stock received a vote of confidence last week, when Snowflake revealed in a folder that Berkshire Hathaway and Salesforce each has agreed to buy $ 250 million of shares at the IPO price in a concurrent private placement. Berkshire Hathaway has also agreed to buy 4.04 million shares in a secondary transaction.
Snowflake is growing alongside leading public cloud providers by providing technology that enables customers to quickly analyze and share large amounts of data and increase capacity as needed, rather than relying on databases. hardware-related data. It is the first of several tech companies to go public this week in one of the busiest sections of the year, despite the ongoing Covid-19 pandemic.
Snowflake ranked # 40 on the 2020 CNBC Disruptor 50 listing.
—Jordan Novet and Ari Levy of CNBC contributed to this report.