Snowflake Opens At $245 After Pricing IPO At $120

Snowflake Inc SNOW made its public debut Wednesday, opening at $245 per share on a little over 3.5 million shares after pricing 28 million shares at $120. The company listed its shares on the NYSE under the ticker symbol SNOW.

Salesforce.com Inc CRM and Berkshire Hathaway (NYSE: BRK-A) have pledged to invest $250 million in the company at the IPO price.

At the $120 share price, Snowflake would have been valued at $33.3 billion.

"To put that into context," said CNN, "that makes Snowflake, which was just founded in 2012, worth more than established companies in the S&P 500 like Bank of New York Mellon, Hershey and Allstate as well as Dow components Walgreens and Travelers."

Related Link: Snowflake Inc IPO: What Investors Need To Know

About Snowflake: Snowflake is “mobilizing the world’s data” by “reimagining data volume for the cloud.” The company believes legacy database architectures have constraints on scalability and capacity.

“Our platform solves the decades-old problem of data silos and data governance. Delivered as a service, our platform requires near-zero maintenance, enabling customers to focus on deriving value from their data rather than managing infrastructure,” the filing reads.

Snowflake has 3,117 customers as of July 31. Fifty-six of those customers represent $1 million or more in annual revenue.

Today's open price gives the company a valuation of over $60 billion.

$SNOW Has Indicated An IPO Price 2X What Was Expected. pic.twitter.com/3Rj1ZNBNl0

— Benzinga (@Benzinga) September 16, 2020