Snowflake’s Stock Price Soars in IPO
Snowflake Inc.’s shares skyrocketed on their first day of trading, giving the biggest tech IPO of the year a market value of $70.4 billion and feeding the recent bout of enthusiasm around initial public offerings.
Shares of the data-warehousing company closed at $253.93, more than double their IPO price of $120 and roughly triple what the company initially targeted a week ago for its offering. Just after the stock opened, it traded as high as $319. Wednesday’s ascent means the company is now valued at more than five times…