Snowflake, which provides cloud-based SQL database software and warehousing, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However this is likely a placeholder for a deal we estimate could raise up to $2 billion.
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Snowflake's Data Cloud allows customers the ability break down data silos and derive value from rapidly growing data sets. The company operates under a consumption-based business model, only charging customers for resources they use.
The San Mateo, CA-based company was founded in 2012 and booked $403 million in sales for the 12 months ended July 31, 2020. It plans to list on the NYSE under the symbol SNOW. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
The article Database software provider Snowflake files for an estimated $2 billion IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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