Home / Cloud Computing / Cloud Computing: Cloud Computing Company Snowflake to IPO

Cloud Computing: Cloud Computing Company Snowflake to IPO

Cloud Computing:

Cloud Computing: Snowflake is unprofitable but doubling its revenue annually.

Privately held Snowflake Inc., which makes software for storing and managing cloud data stored in data warehouses, filed on Monday to conduct an IPO.

Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Citigroup will lead a consortium of nearly two dozen investment banks bringing Snowflake public. Although much of the company’s S-1 filing with the SEC remains blank at present and must still be filled in, Snowflake is known to have carried a private-market valuation of $12.4 billion as recently as February.  

Cloud Computing: Initial Public Offering written on a series of road signs

Image source: Getty Images.

In its S-1 filing, Snowflake revealed that its revenue grew 138% in Q4 of last year, 148% in Q1 2020, and 122% in Q2 2020. Sales through the first half of this year amount to $242 million, nearly as much as the $265 million it took in for all of 2019. The company is, however, losing money on all these sales. Last year, Snowflake booked a net loss of $348.5 million, and losses so far this year total $171.3 million.  

The company had 56.8 million shares outstanding at the end of July and appears to be anticipating 238.4 million shares outstanding (as a weighted average) at the time of the IPO, putting its “net loss per share attributable to common stockholders” at $3.01 for the first six months of the year, and pro forma net loss, based on the anticipated number of shares at IPO, at $0.72.

Snowflake has not set an IPO date, but is believed to be targeting a late summer or early fall IPO. When it does come public, it intends to list its shares on the NYSE under ticker symbol SNOW.  


disclosure policy.

“>

Read More

About admin

Check Also

Cloud Computing: Google sets unprecedented goal to tap only renewable power by 2030 – Reuters Africa

Cloud Computing: Google sets unprecedented goal to tap only renewable power by 2030 – Reuters Africa

Wisconsin sounds alarm on surge in virus cases as nation surpasses 200,000 deaths Wisconsin Governor Tony Evers declared a new public health emergency and extended a face coverings mandate into November to fight a flare-up of coronavirus cases, as the U.S. surpassed the grim milestone of 200,000 COVID-19 deaths. Louisiana court keeps mask-free pastor out…

Leave a Reply

Your email address will not be published. Required fields are marked *