Warren Buffett-backed Snowflake's value doubles in stock market's largest software debut

NEW YORK - Snowflake's shares more than doubled in their New York Stock Exchange debut on Wednesday , a day after the Warren Buffett-backed data warehouse company raised more than US$3 billion in the largest US listing of the year thus far.

Snowflake shares started trading at US$245 apiece on Wednesday, more than double its US$120 IPO price, and closed up 111 per cent at US$253.93 to value it at over US$70 billion. Snowflake sold 28 million shares in its IPO to raise US$3.36 billion in the biggest software IPO of all time. Gurley has advocated companies consider going public through a direct listing, rather than an IPO, where the initial stock price is set by orders coming into the stock exchange."The idea that we could have sold all 28 million shares at the highest price we've seen today is complete and utter nonsense. Markets don't work that way," Slootman said.

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