Snowflake, a cloud data warehousing platform, backed by Salesforce (CRM) and Warren Buffett’s Berkshire Hathaway, began trading on 16th September on the New York Stock Exchange (NYSE).
The stocks of Snowflake surged 112% at the end of closing. Initially priced at $120 a share, it finally wound up early Wednesday afternoon at $245 a share and climbed above $300, for a 150% gain, due to increased demand. The Snowflake IPO raised $3.4 billion, a record for a software IPO, so far.
At its closing price of just under $253. 93, Snowflake is valued at $70 billion, more than five times its valuation in February.
Warren Buffett’s Berkshire Hathaway and Salesforce each agreed to buy $250 million of stock at the IPO price in a private placement. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary transaction.
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