Snowflake Raises Expected IPO Price Range as Valuation Tops $29 Billion
14 September 2020 - 9:16PM
Dow Jones News
By Colin Kellaher
Cloud computing services provider Snowflake Inc. on Monday
raised the expected price range of its initial public offering,
pushing its valuation over $29 billion.
The San Mateo, Calif., company said it now expects the offering
of 28 million shares to be priced at between $100 to $110 each, up
from a prior range of $75 to $85 apiece.
At the $105 midpoint of the new range, Snowflake said it expects
net proceeds of about $3.3 billion, or roughly $3.8 billion if the
underwriters exercise an option to buy an additional 4.2 million
shares.
Snowflake has also agreed to sell $250 million in shares each to
Berkshire Hathaway Inc. and the venture-capital arm of
Salesforce.com Inc. in private placements.
The company said it will have about 277.3 million shares
outstanding after the IPO and private placements, for a valuation
of about $29.1 billion.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 14, 2020 07:01 ET (11:01 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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