Summary List Placement
Billionaire investor-backed Snowflake said it would raise $3.4 billion in the largest-ever software IPO, giving it a value of over $33 billion. The cloud-data platform will sell 28 million shares priced at $120 a piece. Snowflake plans to list on the New York Stock Exchange under the ticker symbol "SNOW" from September 16. Its highly-anticipated IPO has managed to capture the attention of billionaire investor Warren Buffett, who agreed to invest over $550 million in the company after going public. Visit Business Insider's homepage for more stories.
Cloud startup Snowflake raised a record-breaking $3.4 billion on Wednesday, in the largest ever initial-public-offering for a software company on Wednesday, kicking off a big week for technology firms going public this week. The cloud-data warehousing startup announced that it is selling 28 million shares valued at $120 each, which means it would raise nearly $3.4 billion in proceeds. Snowflake, which was valued at $12.4 billion around the time of its most recent fundraising round in February and counts billionaire investor Warren Buffett among its backers, plans to list its shares on the New York Stock Exchange under the ticker symbol "SNOW" from September 16. The San Mateo-based company's highly-anticipated IPO has managed to generate surprise enthusiasm from Buffett, who famously steers clear of tech stocks . Business Insider previously reported that Buffett had agreed to invest upwards of $550 million in the cloud-data company once it goes public. Read more: MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus Snowflake is the largest software IPO on record, according to Renaissance Capital, and the largest since Uber's $8.1 billion flotation in May 2019. It has emerged as one of the strongest players in cloud-data warehousing, particularly this year, as the pandemic forced millions of people to work remotely, fueling an already growing trend among businesses to set up networks on web-based platforms. The company was reportedly aiming for a valuation of as high as $20 billion. In total, Snowflake has raised $1.4 billion from investors including Sequoia and ICONIQ Capital. Snowflake has about 3,100 customers, including 56 clients that contributed about $1 million in a 12-month period. Prior to the company going public, Ray Wang, an analyst from Constellation Research, said: "It's going to be the blockbuster enterprise listing for 2020." Other tech IPOs set to debut this week include video-game software firm Unity, which is set to raise $950 million, and data-software platform Sumo Logic, expected to raise $281 million. Read more: Morgan Stanley pinpoints the most attractive opportunity it sees for investors as a new bull run takes shape — and shares 3 strategies for generating market-beating returnsSEE ALSO: The world's largest wealth manager says central banks still have plenty of ammo that can keep stocks rallying Join the conversation about this story » NOW WATCH: How dummy pedestrians help test car safety systems
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Visa and Mastercard battle for fintechs — JPMorgan, Bank of America rethink branches — Snowflake's IPO soars
Summary List Placement Hi! In a word: Snowflake. That's what Wednesday was all about, as the...Summary List Placement Hi! In a word: Snowflake. That's what Wednesday was all about, as the cloud-data startup made its much-anticipated appearance on the public markets. The result? The largest initial public offering ever for a software company, raising $3.4 billion. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at firstname.lastname@example.org or on Twitter @DanDeFrancesco. Mastercard nabs fintechs from Visa I might be biased, but here's an interesting story from Shannen Balogh and I about the battle between Visa and Mastercard to nab fintech clients. Mastercard has had a string of high-profile wins among startups, including SoFi, Brex, MoneyLion and Dave. We spoke to some of the fintechs about what motivated them to make the jump, along with the Mastercard executive leading the charge to get the young companies on board. If you're interested to hear about what either of the payment giants can offer young companies, it's worth a read. Click here to read the full story. Here's what execs at Bank of America and JPMorgan are thinking about the future of brick-and-mortar branches as digital banking adoption soars For years, consumer banks have had to field questions about the future of their bank branches. The coronavirus has only accelerated those conversations, as customers have been forced to turn to digital banking. Reed Alexander compiled some recent comments from Bank of American and JPMorgan Chase executives about how they are approaching the topic. Here's the 12-page pitch deck that Alloy, a fintech that helps vet customer identities and prevent fraud, used to raise its $40 million Series B in less than a month Pitch deck alert! Here's one for the $40 million Series B fintech Alloy raised. The startup helps banks and fintechs verify customers' identities, a pressing issue as more consumers go digital for their financial needs. Check out the 12-page deck the startup used to raise the round. Odd lots: In Five Hours, Daniel Kamensky Destroyed His Career. Why? (Institutional Investor) Snowflake just had the biggest-ever software IPO. Execs at Coatue, Fidelity, and FactSet explain why they were early adopters of the company's data exchange and how it can transform Wall Street. (BI) JPMorgan Stops Paying for Junior Traders to Take Uber to Work (Bloomberg) An Influx of VC Funds Could Be Coming From Banks (Institutional Investors) The CEO of $24 billion Okta said he would be in 'serious trouble with the SEC' if he raved about his IPO the way Chamath Palihapitiya is talking about Opendoor going public (BI) A group of Nixon Peabody partners who moved to DLA Piper say they're still owed millions by their former firm, offering a rare look at the disputes that can follow a lawyer's move from one firm to another (BI) A chef at a popular chain restaurant was suspended for TikToks revealing frozen and microwaved food (Insider) Join the conversation about this story » NOW WATCH: Epidemiologists debunk 13 coronavirus myths
The data storage company is among several prominent start-ups going public this year as the tech...The data storage company is among several prominent start-ups going public this year as the tech industry thrives in the pandemic.