$SNOW Great Debut On Wall Street

NYE building

Cloud computing and data storage company Snowflake specializing in big data solutions, debuted on Wall Street with a starting price of $120 per share. 

The highest share IPO for a software company in history $SNOW was valued at $33.3 billion, even higher than Twitter.

The IPO of the company, based in San Mateo (California), has brightened the calendar of public sales with what is the largest IPO since Uber in May 2019.

Warren Buffet, shareholder

Last week the company Salesforce and the investor Warren Buffet reached an agreement to purchase a package of shares in Snowflake for an amount of 823 million dollars.

In an update to its IPO prospectus, submitted to the SEC, Snowflake reported that Buffet, through Berkshire Hathaway, and Salesforce had agreed to purchase each 3.125 million shares priced at $80 each, resulting in a joint investment of $ 500 million.

It’s important to note the fact that Warren’s dislike to invest in tech stocks, so that can bring other investors to invest in.

Other investors include: Shutter Hill ,Sequoia Capital, Capital One Growth, Altimeter Capital Ventures.

$SNOW wild movements

$SNOW had a wild trading session, Snowflake at the end of the day was worth $70.4 billion, 5 times more of its $12.4 billion valuation in February.

 

Graphic from $SNOW

During the intra-day session the highest price reached $317 and the lowest $231.

With a volume of $36 million traded.

Like his CEO said “A stock is worth exactly what somebody wants to pay for it”