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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