- Snowflake, backed by a billionaire investor, said it would raise $ 3.4 billion in the largest software IPO ever, worth over $ 33 billion.
- The cloud data platform will sell 28 million shares at $ 120 each.
- Snowflake plans to list on the New York Stock Exchange under the ticker symbol "SNOW" on September 16.
- The highly anticipated IPO managed to grab the attention of billionaire Warren Buffett, who agreed to invest over $ 550 million in the company after the IPO.
- You can find more stories on the Business Insider homepage.
Cloud startup Snowflake raised a record $ 3.4 billion on Wednesday, the largest ever initial public offering for a software company on Wednesday, a big week for tech companies make public in this week.
The cloud data warehousing startup announced that it is selling 28 million shares valued at $ 120 each, meaning it would generate almost $ 3.4 billion in revenue.
Snowflake that was valued at $ 12.4 billion Around the time of his last donation round in February, billionaire Warren Buffett plans to list his shares on the New York Stock Exchange under the ticker symbol "SNOW" starting September 16.
The highly anticipated initial public offering of the San Mateo-based company has sparked surprising excitement at Buffett, who is known to steer clear of tech stocks.
Business Insider previously reported that Buffett had agreed to invest more than $ 550 million in the cloud data company after going public.
Snowflake is the largest software IPO ever recorded, and the largest since then, according to Renaissance Capital Uber's $ 8.1 billion initial public offering in May 2019.
It turned out to be one of the strongest players in cloud data warehousing, especially this year when the pandemic forced millions of people to work remotely, fueling an already growing trend among companies to build networks on web-based platforms.
The company reportedly aimed at a valuation of up to $ 20 billion. In total, Snowflake raised $ 1.4 billion from investors like Sequoia and ICONIQ Capital.
Snowflake has approximately 3,100 customers, including 56 customers who have contributed approximately $ 1 million over a 12 month period.
Prior to the company's IPO, Constellation Research analyst Ray Wang said, "It will be the 2020 blockbuster company list."
Other tech IPOs set to debut this week include video game software company Unity, which is set to raise $ 950 million, and data software platform Sumo Logic, which is expected to raise $ 281 million.