Credit: Snowflake
Cloud-based data warehouse firm Snowflake 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 US$12 billion during its last fund raise, confidentially filed to go public earlier this year. Sequoia owned an 8.4 per cent stake in the company prior to the offering.
Snowflake's debut 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 US$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 per jump in revenue to US$264.7 million for the fiscal year ended January compared with a year earlier, but net loss nearly doubled to US$348.54 million from US$178.03 million.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co and Citigroup are among the lead underwriters to the offering.
(Reporting by Anirban Sen and Neha Malara in Bengaluru; Editing by Shinjini Ganguli)
