On Tuesday, Snowflake said it is planning to sell 28 million shares, with an option to offer 4.2 million additional shares during its market debut. Its target price is between $75 and $85 per share.
If the company will sell its stock at the top end of its price range, its market value will be around $23.7 billion. That is almost double its valuation of $12.4 billion in February.
Snowflake aims to raise $2.2 billion during its market debut, making it one of the world’s biggest IPO in the technology industry this year, according to dialogic.
Marc Benioff is also bullish on Snowflake
Aside from Buffett, Snowflake attracted another big investor, Salesforce.com (NYSE: CRM) CEO Marc Benioff. He will also acquire $250 million worth of SNOW stock in a private placement immediately after the cloud computing company’s IPO.
In June, Snowflake and Salesforce entered into a partnership agreement to power customers’ business transformations with data.
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