Public Markets

Snowflake Sets IPO Price Range 

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.

The company also disclosed in the filing that Salesforce Ventures and Berkshire Hathaway would each buy $250 million of the Class A common stock.

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.

The company is backed by investors including Sequoia Capital and Dragoneer Investment Group.

Snowflake is expected to start trading on the New York Stock Exchange on Wednesday, Sept.16, according to IPO Scoop.

Illustration: Li-Anne Dias

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