There’s a good chance Snowflake doesn’t ever trade at that list price. Its net loss also grew during that period, and Snowflake remains unprofitable. It plans to list on the NYSE under the symbol SNOW. Snowflake priced its hotly-anticipated public offering on Tuesday night, setting the stage for an outsized, much-scrutinized first day of trading the following day. Adding to the hype: Warren Buffett's Berkshire Hathaway Inc. has agreed to make a concurrent $250 million investment in Snowflake, alongside current investor Salesforce Ventures LLC, Salesforce.com Inc.'s corporate investment arm, which has also pledged $250 million. At $120 per share, that means Muglia will see a payday of more than $450 million, while still holding onto a stake of comparable size. CEO Frank Slootman, who came out of retirement after previously taking ServiceNow and Data Domain public to lead Snowflake in 2019, owns more than 5 million shares outright and through vested options, with another roughly 10 million remaining in unvested shares. Terms of Service apply. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. Write to Corrie Driebusch at corrie.driebusch@wsj.com. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. Goldman Sachs Group Inc. and Morgan Stanley are leading Snowflake's offering. Snowflake reported revenue of $264.7 million for the fiscal year ended January 31, up 174%, and revenue of $242 million for the six months ending July 31, an increase of 133%. Database software provider Snowflake sets terms for $2.2 billion IPO, Weekly Preview: Stocks To Watch (AMZN, INTC, MSFT, NFLX, TSLA), The Five Fastest Growing Economies In The World, McAfee Corp. The JFrog IPO pricing is notable because it shows how much public investors are willing to pay for 50% growth and recent profits from a SaaS company. The pricing gives Snowflake a valuation of roughly $33 billion. The stock is set to begin trading on the New York Stock Exchange under the symbol "SNOW" on Wednesday. For usage-based, per-second pricing with no long-term commitment, sign up for Snowflake On Demand™ – a fast and easy way to access Snowflake. Snowflake Opens At $245 After Pricing IPO At $120 © Provided by Benzinga Snowflake Inc (NYSE: SNOW) made its public debut Wednesday, opening at $245 per share on a … Yes! The company now expects to go public at a share price between $100 and $110, according to the filing. © 2020, Nasdaq, Inc. All Rights Reserved. 2 on the Forbes Cloud 100 list, Snowflake has garnered considerable buzz — and debate — for numbers that show fast growth and high retention to go with high losses and the corresponding multiple on revenue that it has been able to achieve from investors. The price was driven above Snowflake's target range of $100 to $110 by investors hungry for a piece of the fast-growing company, which offers businesses cloud-based data management. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. At pricing, Snowflake would be the … Securely share tips at https://www.forbes.com/tips/, © 2020 Forbes Media LLC. The San Mateo, CA-based company plans to raise $2.2 billion by offering 28 million shares at a price range of $75 to $85. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. Early investor Sutter Hill Ventures owns more than 49.5 million shares, a stake valued at more than $5.9 billion at Snowflake’s list price of $120. Snowflake CEO Frank Slootman is overseeing one of the year's most-anticipated tech IPOs. In the past, he successfully steered software firm ServiceNow Inc. and data-solutions company Data Domain Inc. through IPOs when he served as CEO of each. This site is protected by reCAPTCHA and the Google Snowflake is selling shares at $120 in its IPO, initially valuing the company at $33.3 billion. With interest rates near historic lows and the Federal Reserve pouring trillions of dollars into the economy, investors are seeking places to put their money where they can get better returns. Or, secure discounts to Snowflake’s usage-based pricing by buying pre-purchased Snowflake capacity options. Snowflake raised its estimated IPO price by around 30% in a new S-1 filing Monday. Snowflake, which provides a cloud-based data warehousing platform, announced terms for its IPO on Tuesday. Snowflake is … That would value Snowflake at more than $21 billion. The company plans to raise an additional $500 million in concurrent private placements to Salesforce Ventures and Berkshire Hathaway. I edit the Midas List, Midas List Europe, Cloud 100 list and 30, I'm a senior editor at Forbes covering venture capital, cloud and enterprise software out of New York. Unlike some open-source database companies, Snowflake works with a relatively smaller number of customers, often big businesses: it counted 3,117 customers as of July 31, more than double a year before. The cloud database company plans to list on the New York Stock Exchange at an initial price of $120 per share, according to multiple reports, above the upper limit of an already-revised range filed with the SEC on Monday. Bob Muglia, the CEO he replaced, owns about 8 million shares at IPO, with a commitment to sell half to Berkshire Hathaway in a private placement set at the list price. By Corrie Driebusch . Snowflake, a cloud data warehousing firm that has the backing of Salesforce and Warren Buffett's Berkshire Hathaway, is set to go public in what stands to be the biggest software IPO ever. 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