Market Overview

Snowflake Opens At $245 After Pricing IPO At $120

Share:
Snowflake Opens At $245 After Pricing IPO At $120

Snowflake Inc (NYSE: SNOW) made its public debut Wednesday, opening at $245 per share on a little over 3.5 million shares after pricing 28 million shares at $120. The company listed its shares on the NYSE under the ticker symbol SNOW.

Salesforce.com Inc (NYSE: CRM) and Berkshire Hathaway (NYSE: BRK-A) have pledged to invest $250 million in the company at the IPO price.

At the $120 share price, Snowflake would have been valued at $33.3 billion.

"To put that into context," said CNN, "that makes Snowflake, which was just founded in 2012, worth more than established companies in the S&P 500 like Bank of New York Mellon, Hershey and Allstate as well as Dow components Walgreens and Travelers."

Related Link: Snowflake Inc IPO: What Investors Need To Know

About Snowflake: Snowflake is “mobilizing the world’s data” by “reimagining data volume for the cloud.” The company believes legacy database architectures have constraints on scalability and capacity.

“Our platform solves the decades-old problem of data silos and data governance. Delivered as a service, our platform requires near-zero maintenance, enabling customers to focus on deriving value from their data rather than managing infrastructure,” the filing reads.

Snowflake has 3,117 customers as of July 31. Fifty-six of those customers represent $1 million or more in annual revenue.

Today's open price gives the company a valuation of over $60 billion.

 

Related Articles (SNOW)

View Comments and Join the Discussion!

Posted-In: News IPOs Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com