Cloud data platform Snowflake could see $20bn valuation in IPO
It was first reported in the FT that the company’s valuation aim comes at what is described as one of this year’s largest tech listings as the demand for technology is highlighted by investors.
Cloud database company Snowflake reportedly aims to be valued as high as $20 billion during an initial public offering (IPO).
The company has hired Goldman Sachs to advise on the IPO and has already received interest from investors looking to buy shares, according to a person briefed on the matter to the FT.
Bankers have informed Snowflake that it could have a valuation of between $15bn and $20bn, with the listing coming as soon as this summer, according to two people briefed on the discussions.
The company has already reportedly submitted a confidential IPO filing with the US Securities and Exchange Commission.
Data Economy reached out to Snowflake for a comment, to which the company is yet to respond.
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This news comes as the company last week announced its latest technology advancements from its partnership with Salesforce, that will yield opportunities for joint customers.
Native integrations between the two technologies are set to allow organisations to unify and analyse all data in Snowflake Cloud Data Platform and visualise it with business intelligence tools such as Tableau and Salesforce applications, to reveal new insights about their businesses and their customers.
Last month, the company announced the general availability of Snowflake on Amazon Web Services (AWS) in the AWS Asia Pacific (Mumbai) Region.
The development builds on Snowflake’s efforts to support its India customers that want to keep their data in India and leverage the flexibility and scalability offered by a cloud data platform.
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