Snowflake, which provides a cloud-based data warehousing platform, announced terms for its IPO on Tuesday.
The San Mateo, CA-based company plans to raise $2.2 billion by offering 28 million shares at a price range of $75 to $85. The company plans to raise an additional $500 million in concurrent private placements to Salesforce Ventures and Berkshire Hathaway. At the midpoint of the proposed range, Snowflake would command a fully diluted market value of $28.2 billion.
At pricing, Snowflake would be the largest-ever IPO of a software seller, both in terms of proceeds raised and IPO market cap.
Snowflake was founded in 2012 and booked $403 million in revenue 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, Citi, Credit Suisse, Barclays, Deutsche Bank, Mizuho Securities and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
The article Database software provider Snowflake sets terms for $2.2 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.
