Snowflake said late on Tuesday that its initial public offering raised $3.36 billion (roughly Rs. 24,711 crores) after it was priced above the target range in the biggest US listing so far this year.

The IPO, which was priced at $120 (roughly Rs. 8,830) per share, values the cloud-based data warehouse firm at north of $30 billion (roughly Rs. 2,20,606 crores).

San Mateo, California-based Snowflake said on Monday it was aiming to sell 28 million shares at $100 (roughly Rs. 7,350) to $110 (rouhgly Rs. 8,090) per share after its expected pricing was raised from a range of $75 (roughly Rs. 5,520) to $85 (roughly Rs. 6,250) per share last week.

Snowflake’s IPO eclipses that of Royalty Pharma, which so far was the biggest IPO of 2020, and underscores the recent rebound in the US market for new stocks after the COVID-19 pandemic prompted several companies to put IPO plans on hold.

Snowflake confidentially filed to go public earlier this year, shortly after its last funding in February that valued it at over $12 billion (roughly Rs. 88,246 crores). Venture capital firm Sequoia owned an 8.4 percent stake in the company before the offering.

Snowflake’s revenue jumped 173.9 percent to $264.7 million (roughly Rs. 1,946 crores) for the full year ended January 31, though its net loss nearly doubled to $348.54 million (roughly Rs. 2,563 crores).

The company’s shares are set to start trading on the New York Stock Exchange on Wednesday under the ticker “SNOW,” and the offering is expected to close on September 18.

Goldman Sachs, Morgan Stanley, JP Morgan, Allen & Co and Citigroup are the lead underwriters for the offering.

© Thomson Reuters 2020

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