Snowflake, which provides a cloud-based data warehousing platform, raised $3.4 billion by offering 28 million shares at $120, above the upwardly revised $100 to $110 range.
Snowflake originally planned to offer the same shares at $75 to $85 before increasing the proposed range on Monday. Salesforce (NYSE: CRM) and Berkshire Hathaway (NYSE: BRK.A, BRK.B) have agreed to invest a combined $500 million in a concurrent private placement at the offer price. At IPO, Snowflake commands a fully diluted market value of $42.4 billion, or a basic market value of $33.3 billion.
Snowflake is the year's largest IPO, both in terms of deal size and market cap at offering. It is also the largest software IPO ever, raising over three times more than runner-up VMware in 2007.
The San Mateo, CA-based company 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 acted as lead managers on the deal.
