Saturday, 19 Sep 2020

Sequoia-backed Snowflake makes IPO filing public

(Reuters) – Cloud-based data warehouse firm Snowflake Inc made the filing for its initial public offering public on Monday, setting the stage for yet another high-profile tech debut this year.

Sequoia-backed Snowflake, which was valued at over $12 billion during its last fund raise, confidentially filed to go public earlier this year. Sequoia owned an 8.4% stake in the company prior to the offering.

Snowflake’s debut here marks yet another marquee public listing for a Silicon Valley startup, even as all eyes are on Airbnb, Palantir and DoorDash, all of which are expected to go public before the end of the year.

According to data platform PitchBook, Snowflake has raised $1.4 billion till date from a wide range of investors such as Sequoia Capital, Altimeter Capital, ICONIQ, Capital One Ventures and Redpoint Ventures.

Snowflake posted a 173.7% jump in revenue to $264.7 million for the fiscal year ended January compared with a year earlier, but net loss nearly doubled to $348.54 million from $178.03 million.

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

(The story is refiled to correct typographical error in headline)

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