IPOs

Database software provider Snowflake files for an estimated $2 billion IPO

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.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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