Snowflake (NYSE: SNOW) shares were listed on the New York Stock Exchange this week. On its first day of trading, the share price popped higher to more than double. The cloud data warehousing firm had the largest software initial public offering (IPO) on record, valuing it at around $70bn – more than five times the private market valuation it reached in February.
Snowflake shares were priced at $120, after being revised higher twice this month. On the first day of trading, the share price climbed to over $300, and finished the day up 112% at $255.
Early investors of Snowflake shares include Salesforce and Berkshire Hathaway. The investment by the conglomerate run by Warren Buffett is interesting. Buffett rarely gets interested in technology startups that are not yet profitable, and tends to opt for more mature companies.
Snowflake’s IPO comes at a similar time to several technology IPOs. It … Read more