Data storage software company Snowflake has raised its estimated IPO price by around 30% since last week, according to an updated S-1 filing Monday…
Snowflake’s initial public offering is on track to be one of the most popular debuts in a flurry of tech IPOs this month, with both Berkshire Hathaway and Salesforce agreeing to buy shares in concurrent private sales.
Snowflake now expects to go public at a share price between $100 and $110, according to the filing. In its last filing on Sept. 8, the company said its shares would likely debut between $75 and $85.
The new price estimate would value Snowflake at between $27.7 billion and $30.5 billion. The previous estimate range would have valued the company at between $20.9 billion and $23.7 billion.
Last week, Snowflake revealed in a filing that Berkshire Hathaway and Salesforce each agreed to buy $250 million of stock at the IPO price in a concurrent private placement. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary transaction from former CEO Bob Muglia. At the midpoint of the new estimated price range, Berkshire Hathaway’s total stake in Snowflake after the IPO would be valued at $674.4 million, compared with the roughly $550 million it would have been worth at the midpoint of the previous range.
Snowflake gives businesses…
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