Why Berkshire Hathaway and Salesforce invested in Snowflake IPO - Business Insider

, in what's become one of the most-anticipated public debuts for a tech company this year.

News of the investment came as Snowflake also set an initial price range for its shares of $75 to $85. Based on that range, Snowflake would be valued between $20.9 billion and $23.7 billion at the time of its IPO,In an amended S-1 filing, Snowflake says that Salesforce and Berkshire Hathaway are each expected to purchase 3.1 million shares, which at $80 per share — the midpoint of its range — adds up to the $250 million figure.

Berkshire Hathaway is also purchasing another 4 million Class A shares from former Snowflake CEO Bob Muglia in a secondary transaction, set at the IPO price for each share. That could cost $303 million to $344 million based on the expected price range, so Berkshire Hathaway's total investment in Snowflake shares could be up to $550 million to $590 million in total, as Markets Insider reported.

Analysts say Salesforce and Berkshire Hathaway's investment shows just how important data has become to businesses and the need for technology like Snowflake's to manage it. They say it gives Snowflake's business validation from both the tech community and investor community. For Salesforce specifically, it also lays the foundation for a stronger partnership with Snowflake down the line.

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