Summary List PlacementCloud-data unicorn Snowflake rocketed as much as 166% higher after making its public market debut on Wednesday.
The company raised $3.4 billion in its initial public offering, marking the biggest-ever software IPO and the biggest offering of the year.
Snowflake’s IPO caught investor attention earlier in the month after legendary investor Warren Buffett pledged to invest more than $550 million in the company once it went public.
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Shares of cloud-data startup Snowflake spiked as much as 166%, to $310 per share, on its first day of public-market trading. Trading in the stock was halted shortly after opening due to volatility.
The company debuted on the New York Stock Exchange after raising $3.4 billion in its Wednesday initial public offering. The haul cemented Snowflake as the largest software IPO ever and the biggest share sale of 2020.
The firm sold 28 million shares at $120 each, pricing the stock above its previous range amid strong investor demand. Snowflake’s trading debut garnered Wall Street enthusiasm earlier in the month after legendary investor Warren Buffett pledged to invest more than $550 million in the company after its IPO.
Snowflake trades under the ticker SNOW. Shares traded roughly 130% higher, at $283.19, as of 12:47 p.m. ET Wednesday.
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Source:: Business Insider