Sequoia-backed snowflake to raise $ 3.08 billion in 2020 US IPO
Cloud-based data warehouse company Snowflake Inc., backed by venture capital firm Sequoia. Hopes to raise about $ 3.08 billion in its initial public offering on September 14. Making it the largest U.S. listing by 2020.
The company has increased its price range from $ 75- $ 85 per share to $ 100- $ 110 per share. With the number of shares remaining unchanged at 28 million.To the top end company of the revised range.5 30.5 billion.
Earlier this year Snowflake secretly filed to go public, valued at over $ 12 billion after its final funding in February. Prior to the submission, Sequoia had an 8.4 percent stake in the company.
The COVID-19 pandemic marks the first marquee public listing for a Silicon Valley startup as a spectacular rebound in US capital markets has forced many companies to discontinue their IPO plans earlier this year.
Prior to Snowflake, only Royalty Pharma and Warner Music Group entered the large stock market this year.
For the year ended January 31, full-year revenue rose 173.9 percent to $ 264.7 million, according to Snowflake. Net loss nearly doubled to $ 348.54 million.
The company, which is set to launch on Wednesday, is going to list it under the “SNOW” ticker.
Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co, and Citigroup are the main underwriters for this presentation.
No comments:
Post a Comment
thank you for read our blog we can make more use full news as soon as possible stay tune connect with our blog and collect important news and information regarding all earth.