Snowflake IPO raises $3.36 billion in year’s finest U.S. itemizing

NEW YORK (Reuters) – Snowflake Inc SNOW.N acknowledged slack on Tuesday that its preliminary public offering raised $3.36 billion after it used to be priced above the plot fluctuate within the absolute top U.S. itemizing up to now this year.

The IPO, which used to be priced at $120 per portion, values the cloud-based fully data warehouse firm at north of $30 billion.

San Mateo, California-based fully Snowflake acknowledged on Monday it used to be aiming to sell 28 million shares at $100 to $110 per portion after its expected pricing used to be raised from pretty a pair of $75 to $85 per portion closing week.

Snowflake’s IPO eclipses that of Royalty Pharma RPRX.O, which up to now used to be the absolute top IPO of 2020, and underscores the sizzling rebound within the U.S. market for contemporary shares after the COVID-19 pandemic precipitated several companies to build IPO plans on succor.

Snowflake confidentially filed to trip public earlier this year, rapidly after its closing funding in February that valued it at over $12 billion. Enterprise capital firm Sequoia owned an 8.4% stake within the firm ahead of the offering.

Snowflake’s earnings jumped 173.9% to $264.7 million for the fleshy year ended Jan. 31, even supposing its win loss virtually doubled to $348.54 million.

The firm’s shares are area to originate trading on the Unique York Stock Alternate on Wednesday beneath the ticker “SNOW,” and the offering is anticipated to conclude on Sept. 18.

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co and Citigroup are the lead underwriters for the offering.

Reporting by Anirban Sen in Bangalore and Joshua Franklin in Boston; extra reporting by Aakriti Bhalla, Making improvements to by Cynthia Osterman, Tom Brown and Anil D’Silva