Snowflake, the incredible IPO of French on Wall Street

Posted on Sep 16, 2020 at 10:49 AMUpdated Sep 17, 2020 at 7:09 am

From $ 12 billion at its last fundraising in February to $ 67 billion six months later. Snowflake hit a record market cap for a software maker on its IPO on Wednesday, well surpassing the biggest IPO in recent years, that of Uber in May 2019, and eclipsing the two biggest of 2020, those of Royalty Pharma and Warner Music.

This specialist in data processing in the cloud had indicated that he was aiming to raise $ 3.3 billion by selling 28 million titles at $ 120 per unit. The stock more than doubled when it opened on Wall Street, starting at $ 245, pushing its market cap to over $ 67 billion. On Zoom, Benoît Dageville, the co-founder and president in charge of products, told “Echos” that he was a little overwhelmed by these amounts: “ Thatlooks a little crazy, the higher Snowflake starts up, the more it creates enormous pressure to grow bigger, to deliver our promises and meet the expectations behind this capitalization ».

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