Snowflake’s $3.36 billion initial public offering is an all-time record for a software company and the biggest in the U.S. this year. Its share price soared as much as 166% Wednesday, minting fortunes inside the company and across Silicon Valley.
That makes Snowflake, previously a little known software company, more valuable than Uber Technologies Inc., Dell Technologies Inc. and General Motors Co., according to data compiled by Bloomberg.Snowflake sold 28 million shares at $120 apiece on Tuesday. They were earlier marketed for $100 to $110 each after the range was boosted from $75 to $85.With IPOs surging after the spring lull as the coronavirus pandemic hit the U.S., Snowflake’s listing is this year’s largest on a U.S.
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WATCH LIVE | Discussion with leaders from Africa’s top ‘profit with purpose’ companiesWATCH LIVE | On Sept 16 at 9am, join the Business Day SME Matters digital series in partnership with the Johannesburg Business School in discussion with leaders from some of Africa’s leading ‘profit with purpose’ companies.
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