Cloud-data software program maker Snowflake priced its initial public offering at $120 a share, above the marketed vary, in line with an individual conversant in the matter who requested to not be recognized.
The San Mateo, Calif.-based firm deliberate to promote 28 million shares for $100 to $110 every, a spread that was boosted from $75 to $85, in line with filings with the U.S. Securities and Change Fee.
Snowflake, based in 2012, is a rare challenger to Amazon as a provider of public cloud storage and services. Within the fiscal 12 months that ended Jan. 31, Snowflake’s income soared 174% to $264.7 million in contrast with the earlier fiscal 12 months, the corporate reported. Within the sixth months that ended July 31, gross sales have been $242 million, a 133% year-over-year improve.
Extra must-read tech coverage from Fortune:
- That is the best wireless carrier by far, survey finds
- PayPal’s CEO on why ethical management makes clear capitalism needs an upgrade
- China’s prime chipmaker might be Trump’s next target within the commerce conflict
- Fortune’s 2020 40 Under 40
- Commentary: The race for a COVID-19 vaccine reveals the facility of “neighborhood intelligence”