Data cloud warehouse company Snowflake has set a price range of between $75 and $85 per share for its upcoming IPO, according to a new regulatory filing.
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If Snowflake prices at the midpoint of that range ($80), it would give the company a valuation of $22.3 billion. At the top of the range, it would be valued at nearly $23.7 billion. The company was last privately valued at $12.4 billion after a $479 million funding round in February.
Snowflake was among a handful of tech startups that filed to go public on the same day about two weeks ago. Snowflake reported $242 million in revenue for the six months that ended on July 31, 2020–about 133 percent higher than its revenue during the same period in 2019. It also reported $171 million in net losses for the same period, slightly down from the $177 million in losses during the same period in 2019.
Snowflake is expected to start trading on the New York Stock Exchange on Wednesday, Sept.16, according to IPO Scoop.
Illustration: Li-Anne Dias