Following its massive first-day gains, Snowflake (SNOW) – Get Report sports a truly epic valuation — even by the current standards of high-growth software and cloud services firms.
After pricing its 28 million-share IPO at $120 — well above an initial range of $75 to $85 — Snowflake, the provider of a popular cloud data warehousing platform, opened at $245 and soared as high as $319.
Shares have since cooled off a bit and are trading at $269 as of the time of this article. But that’s still good for a 124% first-day pop.
At $269, Snowflake is worth more than $96 billion after accounting for outstanding stock options, restricted stock units (RSU) and warrants. After backing out the roughly $4.5 billion in cash Snowflake possesses following its IPO and share sales to Berkshire Hathaway (BRK.A) – Get Report and Salesforce.com (CRM) – Get