Snowflake stock more than doubles in trading debut
Shares trade under the ticker SNOW
Snowflake Inc. shares surged 104% Wednesday in their opening trade on the New York Stock Exchange.
Shares of the San Mateo, Calif.-based software solutions provider opened for trading at $245 after pricing at $120 apiece on Tuesday evening. They were expected to price between $100 and $110 each.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNOW | SNOWFLAKE INC. | 167.44 | -3.91 | -2.28% |
Wednesday’s IPO, which raised $3.36 billion, gave Snowflake a $33 billion valuation, making it the second-largest company to go public this year after Quicken Loans-parent Rocket Cos. debuted in July at almost $44 billion.
Snowflake was last valued at $12.4 billion following a February funding round that was led by Salesforce.
Warren Buffett’s Berkshire Hathaway and Salesforce Ventures LLC, the corporate investment arm of Salesforce.com Inc. both agreed to make $250 million investments at the initial public offering price.
Berkshire also agreed to purchase an additional 4.04 million shares from an existing shareholder at the IPO price.
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The company’s net loss for the six months ended July 31 narrowed to $171 million from $177 million the year prior. At the same time, revenue was up 133% to $224 million.