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Snowflake More Than Doubles in Biggest-Ever Software Debut

By Christiana Sciaudone

Investing.com --  Cloud-data software maker Snowflake more than doubled in its trading debut, opening at $245. It traded up to more than $276, and is now traded for volatility.

The Amazon.com (NASDAQ:AMZN) rival raised $3.4 billion in the year’s biggest U.S. initial public offering. It is also the biggest software IPO ever.

Snowflake Inc (NYSE:SNOW) sold 28 million shares Tuesday for $120 apiece, after being marketed at $100 to $110 apiece, boosted from $75 to $85 earlier.

Snowflake is valued in the IPO at more than $33 billion based on the outstanding shares listed in its prospectus. That compares with a valuation of $12.4 billion in a private funding round announced in February, according to Bloomberg. Demand was oversubscribed by 40 times, according to CNBC.

Warren Buffett's Berkshire Hathaway (NYSE:BRKa) and Salesforce Ventures, of Salesforce.com (NYSE:CRM), each committed to buy $250 million of the company’s Class A common stock in a private placement. Berkshire also agreed to buy 4 million shares in a secondary transaction, according to Snowflake’s filing.    

 

 

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