Snowflake, which provides a cloud-based data warehousing platform, raised the proposed deal size for its upcoming IPO on Monday.
The San Mateo, CA-based company now plans to raise $2.9 billion by offering 28 million shares at a price range of $100 to $110. The company had previously filed to offer the same number of shares at a range of $75 to $85. At the midpoint of the revised range, Snowflake will raise 31% more in proceeds than previously anticipated to command a fully diluted market value of $37.0 billion.
Snowflake was founded in 2012 and booked $403 million in revenue for the 12 months ended July 31, 2020. It plans to list on the NYSE under the symbol SNOW. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Citi, Credit Suisse, Barclays, Deutsche Bank, Mizuho Securities and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
