Snowflake Balloons On Debut After $3.36B IPO Beats Target
Law360 (September 16, 2020, 2:18 PM EDT) — Database software provider Snowflake soared in its market debut Wednesday, with shares opening at $245 each after a $3.36 billion initial public offering steered by Cooley and underwriters’ counsel Goodwin Procter.
Snowflake Inc.’s shares opened at $245 on the New York Stock Exchange, where they’re trading under the symbol SNOW. In its IPO, the California-based company sold 28 million shares for $120 apiece, above the $100 to $110 target it set earlier this week and well above its original targeted range of $75 to $85.
Snowflake also inked deals to sell $500 million worth of common stock at the IPO price…