Snowflake, which provides a cloud-based data warehousing platform, announced terms for its IPO on Tuesday.
The San Mateo, CA-based company plans to raise $2.2 billion by offering 28 million shares at a price range of $75 to $85. The company plans to raise an additional $500 million in concurrent private placements to Salesforce Ventures and Berkshire Hathaway. At the midpoint of the proposed range, Snowflake would command a fully diluted market value of $28.2 billion.
At pricing, Snowflake would be the largest-ever IPO of a software seller, both in terms of proceeds raised and IPO market cap.
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.
