The cloud-based data warehousing platform provider Snowflake set the record for the year’s largest IPO on Sept. 16, and it’s three times more than the previous record for a software IPO set by VMware in 2007, according to a Nasdaq report.
Here are six things to know about the company:
1. Snowflake priced its shares at $120 on Sept. 16, which is up from the $75 to $85 price range the company proposed in its filing the week before. The $120 per share price gives Snowflake a $33.3 billion debut valuation.
2. Salesforce and Berkshire Hathaway participated in the IPO, making a combined $500 million investment, according to a Nasdaq report.
3. Snowflake reported 121 percent year-over-year revenue increases in the second quarter to hit $133 million. It also reported $77.6 million in quarterly net loss.
4. Snowflake is spending $1.2 billion on Amazon Web Services technology as part of a five-year deal. The company sells a database in the cloud primarily relying on AWS infrastructure, but it also uses Microsoft and Google cloud services, according to a CNBC report, and has agreed to spend at least $550 million over 64 months with an unnamed cloud provider.
5. The company’s website gathers data from users and runs queries that can be charted with visualization tools including Tableau, which is owned by Salesforce. Snowflake’s prospectus shows there are 507 million queries per day run in the software.
6. Frank Slootman is the CEO of Snowflake. He previously served as the president and CEO of ServiceNow, growing the organization from around $100 million in revenue through an IPO and eventually growing it into a $1.4 billion revenue company.
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