Snowflake skyrockets to largest software IPO, valuation $70 billion
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. ■