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Snowflake prices IPO above increased range, implying initial market cap of $33.3 billion

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After boosting the price range for its highly-anticipated IPO to between $100 and $110, Snowflake is selling shares at an even higher price of $120.

each agreed to buy $250 million of stock at the IPO price in a concurrent private placement. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary transaction from former CEO Bob Muglia. Based on the IPO price, Berkshire will be paying $484.8 million for those shares.

Snowflake is entering a market that's hungry for high-growth cloud software makers, particularly those that have shown an ability to continue expanding through the coronavirus pandemic. Even after pulling back this month, the BVP Nasdaq Emerging Cloud Index, consisting of over 50 publicly traded companies, is up about 55% this year, compared to a 25% gain for the Nasdaq and 5.3% advance in the S&P 500.

Zoom's stock is up over 500% in 2020, and Fastly has jumped more than 300%. DocuSign, Shopify and Datadog have more than doubled.

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Too expensive already

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Perfect for those snowflake millennials on Robinhood.

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