βοΈπ₯ Living Up the Hype - Snowflake Makes IPO History
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Market Snapshot π
S&P 500Β (Wednesday Close) 3,385.49Β β15.71Β (0.46%)
NASDAQΒ (Wednesday Close) 11,050.47Β β139.86Β (1.25%)
FTSE 100Β (5 PM IST) 6049.68Β -28.8 (0.47%)
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USDINRΒ (5 PM IST) 73.65Β (1 Year +2.87%)
Snowflake Makes IPO History
Snowflake Inc. surpassed all expectations with an IPO that raised $3.36B and set a record.
What Happened?Β Snowflake, which had estimated an initial offering price of $80 per share, bumped it up to $110 and finally settled at $120. Demand for the 28M shares on offer was so high, the trades on the exchange started at $245 per share, valuing the company around $68B. Compare that with its $12.4B valuation in the Series G round just six months ago!
The 8-year old cloud-based data warehousing company has become the largest software IPO ever, raising over three times what VMware did in 2007. One of the reasons for the hype around Snowflake is the twin commitment from Salesforce and Berkshire Hathaway to each buy $250M worth of shares at the IPO price. Berkshire is also purchasing an additional $320M of stock from a selling investor.
Snowflakeβs scalable database software runs on Amazon, Microsoft, and Googleβs cloud services, and provides support for data engineering, data warehousing, and data science. The company has 3,117 clients, grew its revenue by 130% in the first six months of 2020, and has managed to stem losses. It plans to use the proceeds from the IPO to strengthen R&D, marketing, and sales.
Market Reaction:Β Snowflake stock rallied 111.61% to close at 253.93.
SnowflakeΒ Snapshot π
SNOW $253.93 +133.93 (+111.61%)
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Later TodayΒ π
6.00 PM IST:Β Initial jobless claims (total, NSA)
6.00 PM IST Continuing jobless claims (total, NSA)
6.00 PM IST:Β Housing starts (SAAR)
6.00 PM IST:Β Philly Fed manufacturing index
Fun Fact of The DayΒ π
The Crown Jewels contain the two biggest cut diamonds on Earth
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