Snowflake Inc (NYSE: SNOW) made its public debut Wednesday, opening at $245 per share on a little over 3.5 million shares after pricing 28 million shares at $120. The company listed its shares on the NYSE under the ticker symbol SNOW.
At the $120 share price, Snowflake would have been valued at $33.3 billion.
"To put that into context," said CNN, "that makes Snowflake, which was just founded in 2012, worth more than established companies in the S&P 500 like Bank of New York Mellon, Hershey and Allstate as well as Dow components Walgreens and Travelers."
Related Link: Snowflake Inc IPO: What Investors Need To Know
About Snowflake: Snowflake is “mobilizing the world’s data” by “reimagining data volume for the cloud.” The company believes legacy database architectures have constraints on scalability and capacity.
“Our platform solves the decades-old problem of data silos and data governance. Delivered as a service, our platform requires near-zero maintenance, enabling customers to focus on deriving value from their data rather than managing infrastructure,” the filing reads.
Snowflake has 3,117 customers as of July 31. Fifty-six of those customers represent $1 million or more in annual revenue.
Today's open price gives the company a valuation of over $60 billion.
$SNOW Has Indicated An IPO Price 2X What Was Expected. pic.twitter.com/3Rj1ZNBNl0
— Benzinga (@Benzinga) September 16, 2020
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