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Snowflake skyrockets to largest software IPO, valuation $70 billion

Christian Fernsby |
Shares of Snowflake more than doubled on their first day of trading in the biggest software IPO ever.

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Snowflake, a cloud data warehousing firm that has the backing of Salesforce and Berkshire Hathaway, priced its initial public offering $120 a share. It now trades on the NYSE under the ticker symbol "SNOW."

The company sold 28 million shares and raised nearly $3.4 billion from the IPO.

At its closing price of just under $254, Snowflake is valued at $70 billion.

That makes Snowflake, which was founded in 2012, worth more than established companies like Bank of New York Mellon.

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