Snowflake looks to raise up to $2.7 billion in IPO

Snowflake looks to raise up to $2.7 billion in IPO

Snowflake Inc. SNOW, -2.06% plans to raise up to $2.74 billion in its initial public offering along with orders from Berkshire Hathaway Inc. BRK.A, -0.06% BRK.B, -0.23% and Salesforce.com Inc. CRM, -5.27%, according to a filing with the Securities and Exchange Commission late Tuesday.

The cloud-based data management company said it plans to offer 28 million shares between $75 and $85 apiece, with underwriters getting an option for an additional 4.2 million to cover overallotments. Snowflake said Berkshire Hathaway and Salesforce both plan to buy $250 million in shares, or 3.13 million shares at $80 apiece. Additionally, Berkshire Hathaway will buy about 4 million shares from an unnamed stockholder at the initial IPO price, Snowflake said.

Snowflake filed for its IPO in late August. The company plans to list under the ticker “SNOW” on the New York Stock Exchange. Earlier in the year, the company was valued at around $12 billion after its most recent round of funding in February, according to Crunchbase.




Originally published on MarketWatch

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