San Mateo, California based Cloud-based data warehouse firm Snowflake, is set to begin trading on the New York Stock Exchange under the symbol “SNOW” on Wednesday and the offering is expected to close on September 18, 2020, subject to customary closing conditions. The investors were patiently waiting for this IPO especially after top American investor Warren Buffet with his holding company Berkshire Hathaway might want to secure shares with a volume of up to USD 250 million.
Snowflake has successfully placed 28 million shares at $120.00 per share, raising it some $3.4 billion at a valuation of over $33 billion. The company initially set its price range between $75 and $85 per share. It then raised the range to be between $100 and $110 per share. And now finally the company has reportedly priced above those ranges at $120.
The company reported $171 million in net losses for the six months ending on July 31, 2020. It lost $177 million during the same period in 2019, so losses have decreased year-over-year.