Thursday, 17 Sep 2020 07:03 AM MYT
Snowflake’s spectacular market debut reflects the hearty appetite for new stocks, as low interest rates drive investors into equities. “This is just one day. Things will normalise and shake out and become more settled as time moves on,” Snowflake Chief Executive Frank Slootman said in an interview. It is likely to reignite the debate among venture capital investors, including Benchmark’s Bill Gurley, who argue investments banks underprice IPOs so their investor clients can score large gains when the stock starts trading.
Prior to the IPO, Buffett’s Berkshire Hathaway Inc and Salesforce Ventures LLC had each agreed with Snowflake to purchase US$250 million worth of stock.
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