Snowflake CEO Unrestricted Slootman, far right, addresses the team at an all-hands meeting.
Courtesy of Snowflake
Data storage software company Snowflake has scratch its estimated IPO price by around 30% since last week, according to an updated S-1 filing Monday.
Snowflake’s prime 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 coinciding to buy shares in concurrent private sales.
Snowflake now expects to go public at a share price between $100 and $110, according to the enter. In its last filing on Sept. 8, the company said its shares would likely debut between $75 and $85.
The new sacrifice estimate would value Snowflake at between $27.7 billion and $30.5 billion. The previous estimate range would have on the agenda c trick 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 review at the IPO price in a concurrent private placement. Berkshire Hathaway also agreed to buy 4.04 million shares in a secondary matter 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, related with the roughly $550 million it would have been worth at the midpoint of the previous range.
Snowflake forgoes businesses new ways to store and access data in the cloud, rather than relying on databases tied to hardware. The train is growing fast, reporting that revenue in the first half of 2020 more than doubled to $242 million from $104 million a year earlier. In spite of that, it faces a complicated relationship with Amazon Web Services — it relies on AWS to host a significant portion of its business, while also contending against the Amazon Redshift cloud data warehouse offering.
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