Snowflake priced its IPO above the increased range in an offering that elevated the values of the share to $120, according to CNBC’s anonymous source. The company raised the price to $100 and $110 on Monday. This increase is valuing the company at $33.3 billion.
- Snowflake announced that it is selling around 28 million shares at the price of $120 per share. It poised to debut on the New York Stock Exchange on Wednesday under the name “SNOW”.
- This is the first of various technology companies aiming to go public this week in among the busiest stretches of the year.
- The shares are selling like a hot cake because investors are hoping for a blockbuster opening of the company that’s generating revenue of more than $500 million annually and grew over 130% in the first half of the year.
- The anticipated debut price is already raised from $85 to $110 in less than a week.
Last week, Snowflake revealed that Salesforce and Berkshire Hathaway each have agreed to buy $250 million of stock at the IPO price. In addition, Berkshire has also agreed to buy 4.04 million shares from the former CEO Bob Mauglia. Berkshire will be paying around $484.8 million for those shares based on the IPO price.