Snowflake Prices IPO at $120 a Share
Silicon Valley darling Snowflake Inc. priced its initial public offering above its expected range on Tuesday, joining a frenzied IPO market as the biggest technology issue so far this year.
The IPO priced at $120 a share, a person familiar with the matter said. The price was driven above Snowflake’s target range of $100 to $110 by investors hungry for a piece of the fast-growing company, which offers businesses cloud-based data management.
The pricing gives Snowflake a valuation of roughly $33 billion. That is more than double the $12.4 billion valuation it reached in a private funding round earlier this year, a sign of the enthusiasm surrounding U.S.-listed IPOs in 2020.
The stock is set to begin trading on the New York Stock Exchange under the symbol “SNOW” on Wednesday.
Snowflake joins a flood of companies racing to the public markets this year. Through the end of last week, companies listing in the U.S. have raised more than $78 billion in their IPOs, on pace for one of the biggest money-raising years for new issues since the tech boom of 2000, according to data provider Dealogic.