9/16/2020, 6:41 PM (Source: TeleTrader)
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Snowflake debuts trading at whopping $245

Cloud software company Snowflake Inc. started trading at the New York Stock Exchange on Wednesday at $245, more than double its set share price range of $120. The final price is up 40% from the initially set range. Trading of the stock was halted immediately due to volatility.

The pricing makes the California based startup, founded in 2012, the largest software initial public offering ever. Snowflake previously raised $1.4 billion in venture capital from investors such as Sutter Hill Ventures and Sequoia Capital. In addition, Inc. and Berkshire Hathaway Inc. both agreed to buy $250 million of the company's shares in a private placement at the IPO price.

The company previously reported that its revenue more than doubled in the first half of the year, growing 132% year-on-year to $242 million. However, Snowflake remains unprofitable, posting a net loss of $171.3 million, down 3% against a loss of $177.2 million in the prior year.

Breaking the News / MD