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Cloud Data Platform Provider Snowflakes Set Terms for $2.2 Billion US IPO

Esther Thin

Snowflake Inc, an ecosystem Cloud Data platform provider, has filed Amendment No1 to Form S-1 Registration Statement on September 8, 2020 with the U.S Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $2.2 billion by offering 28 million shares at the price range of $75 to $85. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $28.2 billion.

The company allows customers, partners, and data providers to break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways. They deliver the platform through a customer-centric, consumption-based business model, only charging customers for the resources they use.

The San Mateo, California-based company was founded in 2012 and booked $403 million in sales for the 12 months ended July 31, 2020. It plans to list on the NYSE under the symbol “SNOW.” Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Citi are underwriters of the IPO.

The company engages Cooley LLP as US Securities Counsel, and PricewaterhouseCoopers LLP as Independent Auditor.

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