Snowflake Set to Have Largest IPO for Software Company
Software creator Snowflake, who is backed by some Wall Street mega giants such as Warren Buffet’s company, Berkshire Hathaway, is set to have the largest ever initial public offering in the software industry. The company’s IPO was priced at $120 per share on Tuesday and will trade under the New York Stock Exchange ticker symbol “SNOW.”
With share sales reaching 28 million, the company will raise close to $3.4 billion with a valuation of $33.3 billion. That positions the 8-year old software maker higher than most of the larger long-established S&P 500 companies.
Snowflake’s cloud software assists companies in sharing and analyzing their data and has doubled its customer base to 3,100 in just the past year. Nearly 150 Fortune 500 companies are among their clients.
Berkshire Hathaway, along with the giant cloud maker Salesforce, have each committed to investing in $250 million worth of stocks privately after the initial public offering is complete.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.