IPO Snowflake has become the largest in the history of IPO software

News

IPO Snowflake has become the largest in the history of IPO software

22.09.2020 News

After a sensational debut Snowflake on the NYSE on Wednesday, shares of the cloud storage and processing company are expected to fall ahead of trading on Thursday. Shares of Snowflake fell to 4.3%.

Snowflake brought 28 million shares to the public market to raise $ 3.36 billion during the largest software IPO in history. Shares of Snowflake more than doubled on the first day of trading, bringing the company’s market value to $ 70.4 billion, which is more than five times its estimate of $ 12.4 billion in February.

In the interview with CNBC, Snowflake CEO Frank Slutman commented on the stock’s rise at the start of trading: “The share costs exactly as much as someone wants to pay for it. It is like talking about the weather, it’s the way it is. Tomorrow is another day, see what it will bring. ”

Warren Buffett’s investment company Berkshire Hathaway has also agreed to buy 4.04 million shares of Snowflake under a secondary deal. Berkshire’s investment has become a landmark for many investors, as such a move goes against Buffett’s long-held belief not to invest in an IPO, whereas in the case of Snowflake, the famous billionaire made an exception and earned more than $ 800 million on the first day. The legendary investor has not invested in an IPO since Ford’s IPO in 1956.

Snowflake showed strong revenue growth for the last fiscal year ended January 31, on 173.9% to $ 264.7 million., although the net loss almost doubled to $ 348.54 million.

In contrast, Snowflake competes with similar offerings of cloud software from Amazon and Microsoft. Such competition with the “giants” of the industry can pose great risks, but one way out may be cooperation and integration of services.

Thus, Snowflake CEO Frank Slutman said his company is committed to the integration of Salesforce services, because many of its customers also store data there and want it to be easier to analyze in Snowflake applications.

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