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After filing for an IPO late last month, the cloud-based software startup Snowflake has managed to secure investments from industry bigwigs like Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) and Salesforce Ventures LLC (NYSE:CRM).
What Happened: Both these companies have agreed to buy 3.125 million Class A common shares estimated at $250 million through a concurrent private placement, Snowflake disclosed in a filing with the Securities and Exchange Commission on Tuesday.
Warren Buffett's Berkshire Hathaway has also entered into a secondary agreement with a current stakeholder to purchase an additional 4.04 million shares.
The software startup released additional updates on its planned IPO in a S-1 filing with the SEC. The company is expecting to price its IPO between $75 and $85 per share, catapulting its valuation to over $20.9 billion with a maximum enterprise value pegged close to $24 billion.
The company would raise $2.7 billion in the offering, if it's priced on the upper limit of the indicated range.
Why Does It Matter: According to Crunchbase, Snowflake had a pre-money valuation of $11.9 billion in February before it raised $479 million in the Series G funding. Within a span of 7 months, the valuation has increased by almost $10 billion.
Along with the 28 million Class A share offering, the company has granted underwriters an over-allotment option for 4.2 million shares.
On Aug 25, Snowflake filed a draft S-1 for listing two classes of its common stock in NYSE under the symbol “SNOW”. Class A stock would be entitled to one vote per share, whereas Class B will be entitled to ten votes per share and is convertible into Class A at any time.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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