$ 12.4 billion cloud data warehousing start-up Snowflake releases files to the public in one of the year’s most anticipated tech IPOs

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  • Snowflake has filed documents to go public, paving the way for one of the most anticipated IPOs in tech.
  • Snowflake, a dominant player in cloud data warehousing valued at $ 12.4 billion, plans to list on the New York Stock Exchange under the symbol “SNOW.”
  • The company reported that its revenue rose from $ 97 million in 2019 to $ 264.7 million in 2020. But its losses fell from $ 178 million to $ 348.5 million during the same period.
  • Visit the Business Insider homepage for more stories

Snowflake, the $ 12.4 billion cloud data warehousing startup, goes public.

The startup filed the first IPO documents with the Securities and Exchange Commission on Monday, paving the way for one of the tech world’s most anticipated public debut.

Snowflake said he plans to raise $ 100 million in the deposit, a figure that is generally considered a placeholder and could be updated later. The Silicon Valley tech company said it would be listed on the New York Stock Exchange under the symbol SNOW.

Snowflake has emerged as one of the weirdest players in cloud data warehousing, which has become a hot market with the rapid growth of the cloud, the trend of businesses to set up networks on web-based platforms. .

Snowflake said its revenue rose from $ 97 million in 2019 to $ 264.7 million in 2020. But its losses fell from $ 178 million to $ 348.5 million during the same period.

The company was apparently aiming for a valuation of up to $ 20 billion. Snowflake just raised $ 479 million in February for a valuation of $ 12.4 billion. In total, Snowflake raised $ 1.4 billion from investors, including Sequoia and ICONIQ Capital.

Snowflake said it has around 3,100 clients, including 56 clients who contributed roughly $ 1 million over a 12-month period.

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