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. | 172.42 | -2.38 | -1.36% |
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.
CLICK HERE TO READ MORE ON FOX BUSINESS
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.