Cloud computing firm Snowflake has just won itself two big-name backers on its road to go public: Berkshire Hathaway and Salesforce.
Those bits of news came on the heels of Airbnb filing, again privately, and the public release of IPO filings from Unity, Asana, Snowflake and, key for our work today, Sumo Logic and JFrog. Snowflake plans to list on the New York Stock Exchange, under the ticker SNOW.According to data platform PitchBook, Snowflake has raised $1.4 billion till date from a wide range of investors such as Sequoia Capital, Altimeter Capital, ICONIQ and Redpoint Ventures.Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co and Citigroup are among the lead underwriters for the offering.Reporting by Anirban Sen and Neha Malara in Bengaluru; Editing by Shinjini Ganguli
Realtime quote and/or trade prices are not sourced from all markets.Ownership data provided by Refinitiv and Estimates data provided by FactSet. ... Find News… (Reuters) - Sequoia-backed Snowflake Inc on Monday published financial statements for the first time, revealing a surge in revenue growth and huge losses, as the cloud-based data warehouse firm prepares for a high-profile public listing in the coming weeks.Snowflake confidentially filed to go public earlier this year, shortly after its last funding in February that valued it at over $12 billion (9.19 billion pounds). I’ve written about many companies before their IPOs. It will price late Tuesday and trade Wednesday of next week.Get instant access to exclusive stock lists, expert market analysis and powerful tools with 5 weeks of IBD Digital for only $5!Get market updates, educational videos, webinars, and stock analysis.Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content.Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. *Real-time prices by Nasdaq Last Sale. Previously: Snowflake IPO could come with $20-21B valuation - MKM (Sep. 04 2020) Check out the latest IPO news. Warren Buffett, who's all about buying proven stocks with long-term value, is taking the unusual step of investing in the Snowflake IPO. Sequoia owned an 8.4% stake in the company prior to the offering.The Silicon Valley unicorns are looking to ride the stunning recovery in U.S. capital markets from the COVID-19 pandemic that earlier this year forced several companies to postpone their debut.Shares of recently listed online used car seller Vroom Inc and business intelligence platform ZoomInfo Technologies Inc have surged since May.Snowflake posted a 173.7% jump in revenue to $264.7 million for the fiscal year ended January compared with last earlier, but net loss nearly doubled to $348.54 million from $178.03 million.“Even though there are losses, Snowflake’s 100%-plus growth rate will attract investor interest,” said Kathleen Smith, principal at Renaissance Capital, a provider of institutional research and IPO ETFs.She added the IPO market is healthy and Snowflake’s peers MongoDB, Okta and Splunk have produced strong returns for investors this year. © 2000-2020 Investor's Business Daily, Inc. All rights reservedInvestors.com will undergo scheduled maintenance tonight from 7:00 PM to 2:00 AM ET and some features may be unavailable.What kind of IBD videos would you like to see more of? In early July, the company agreed to acquire natural gas transmission and storage assets from The lead underwriters of the Snowflake IPO include Goldman Sachs, Morgan Stanley and JPMorgan. Snowflake posted a 173.7% jump in revenue to $264.7 million for the fiscal year ended January compared with last earlier, but net loss nearly doubled to $348.54 million from $178.03 million. The company reports having 3,117 customers.Snowflake's technology provides support for "data engineering, data lake, data warehousing, data science, data applications, and data sharing," according to the Buffett's latest investment comes as Berkshire's cash pile climbed to a fresh record of $146.6 billion in the second quarter, up from $137 billion in the first quarter.Earlier this month, Berkshire revealed it bought nearly 21 million shares of gold mining giant Prior to the second-quarter report, Buffett had shown signs he is willing to put more of his cash to use.
Snowflake received a vote of confidence Tuesday after a filing revealed that Salesforce and Berkshire Hathaway each agreed to buy $250 million of stock at its IPO … Data cloud warehouse company Snowflake has set a price range of between $75 and $85 per share for its upcoming IPO, according to a new regulatory filing.. Take this short survey and tell us!Learn how to invest better using the CAN SLIM System in IBD’s latest Online Course!Watch this free webinar to learn 5 ways to pick winning stocks like IBD’s experts. Snowflake expects to price its shares between $75 and $85. It has raised roughly $1.4 billion in venture capital funding. Click to subscribe to real-time analytics on SNOW The Exchange explores startups, markets and money. SNOW, +2.83%, an enterprise-software startup valued at more than $3 billion by private investors, is planning an initial public offering.