A software company called Snowflake is now worth R1-trillion - TechCentral

A software company called Snowflake is now worth R1-trillion

Snowflake soared as much as 130% in its trading debut on Wednesday after raising US$3.4-billion in a US initial public offering, giving it a market value of more than $70-billion (R1.14-trillion).

Shares of the cloud-data software maker opened at $245 in New York trading, more than double its IPO price.

Snowflake sold 28 million shares at $120 apiece on Tuesday. They were earlier marketed for $100 to $110 each after the range was boosted from $75 to $85.

At $3.36 billion, Snowflake is the biggest software listing on record and this year’s largest US IPO of an operating company. That excludes the $4-billion raised in July by a special purpose acquisition company, or SPAC, backed by billionaire investor Bill Ackman.

US IPOs are having a busy week as 21 companies are expected to price their offerings raising more than $10-billion combined.  — Reported by Crystal Tse, (c) 2020 Bloomberg LP

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