Pricing of Snowflake IPO Revealed

Snowflake, Inc. announced the pricing of its IPO of 28,000,000 shares of Class A common stock at a price to the public of $120.00 per share.

The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol SNOW on September 16, 2020, and the offering is expected to close on September 18, 2020, subject to customary closing conditions. In addition, the company has granted the underwriters a 30-day option to purchase up to 4,200,000 additional shares of Class A common stock at the initial public offering price less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, Morgan Stanley, J.P., Morgan Chase & Co., Allen & Company LLC, and Citigroup, Inc. are acting as lead book-running managers for the offering. Credit Suisse, Barclays, Deutsche Bank Securities, Mizuho Securities, and Truist Securities are acting as book-running managers, and BTIG, Canaccord Genuity, Capital One Securities, Cowen, D.A. Davidson & Co., JMP Securities, Oppenheimer & Co., Inc., Piper Sandler, Stifel, Academy Securities, Loop Capital Markets LLC, Ramirez & Co., Inc., and Siebert Williams Shank & CO, LLC are acting as co-managers for the offering.

Read also:
Snowflake Files Registration Statement for Proposed IPO
Price for offering not yet been determined
August 20, 2020 | Press Release
Snowflake Eyes $20 Billion Valuation in IPO
One of this year’s largest tech listings
June 10, 2020 | In Brief

Comments

Poojan Kumar, CEO and co-founder of Clumio, Inc., admirer of Swowflake, commented this IPO news:

"Snowflake took the cloud playbook, rewrote it and won. The company is a prime example of how a modern, forward-thinking organization, built from the cloud up, should evolve. Snowflake disrupted the crowded, well-established data warehousing market by rapidly innovating a seamless service that tapped the scale, elasticity and economics of the public cloud. Snowflake transformed the old-school data warehouse into a cloud data platform and completely changed the way companies do business today - and its customers have felt the biggest benefit with huge cost savings and productivity increases with faster access to their data.

"Companies that can use the playbook correctly will emerge as winners, while those that don't will lose. We congratulate Snowflake on this monumental event. The company is an inspiration to us as we also apply the cloud playbook to data protection to remove it as a blocker to enterprises attempting to accelerate their own cloud journeys."