Skip to main content

Cloud-based data warehouse firm Snowflake Inc, backed by venture capital firm Sequoia, said on Monday it expects to raise about $3.08 billion in its initial public offering, in what could be the biggest U.S. listing so far in 2020.

The company raised its price range to $100-$110 per share from a previous range of $75-$85, with the number of shares sold unchanged at 28 million, according to a filing.

The top end of the revised range values the firm at $30.5 billion.

Snowflake confidentially filed to go public earlier this year, shortly after its last funding in February that valued it at over $12 billion. Sequoia owned an 8.4 per cent stake in the company before the offering.

The debut will mark yet another marquee public listing for a Silicon Valley startup amid a stunning rebound in U.S. capital markets after the COVID-19 pandemic forced several companies to put their IPO plans on hold earlier during the year.

Prior to Snowflake, only Royalty Pharma and Warner Music Group have had bigger stock market debuts this year.

Snowflake said its full-year revenue for the period ended Jan. 31 jumped 173.9 per cent to $264.7 million, even as net loss nearly doubled to $348.54 million.

The company, which is expected to debut on Wednesday, is planning to list under the ticker “SNOW.”

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co and Citigroup are the lead underwriters for the offering.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.