Warren Buffett-backed Snowflake's value doubles on stock market debut

Shares of Warren Buffet-backed Snowflake more than doubled during its IPO on September 16, with the company raising nearly $3.4 billion during its listing on the New York Stock Exchange.

Shares of the cloud-based data warehouse firm started trading at $245, even going up to $300, which is 150 percent above its IPO price of $120, CNN Business reported.

The California-based company began trading on the NYSE with the tickr "SNOW", selling 28 million shares.

Snowflake's shares closed at $245, valuing it at over $70 billion.

Before the IPO, Buffett's Berkshire Hathaway and Salesforce Ventures had each agreed to purchase $250 million worth of Snowflake stock.

Other prominent investors in Snowflake include Altimeter Capital, ICONIQ Capital, Redpoint Ventures, Sequoia and Sutter Hill.
"This is just one day. Things will normalize and shake out and become more settled as time moves on," Snowflake Chief Executive Officer Frank Slootman said, as quoted by Reuters.

Prior to Snowflake, only Royalty Pharma and Warner Music Group have had bigger stock market debuts this year.

Snowflake said its full-year revenue for the period ended January 31 jumped 173.9 percent to $264.7 million, even as net loss nearly doubled to $348.54 million.

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

(With inputs from Reuters)