Cloud-data software maker Snowflake priced its initial public offering at $120 a share, above the marketed range, according to a person familiar with the matter who asked not to be identified.
The San Mateo, Calif.-based company planned to sell 28 million shares for $100 to $110 each, a range that was boosted from $75 to $85, according to filings with the U.S. Securities and Exchange Commission.
Snowflake, founded in 2012, is a rare challenger to Amazon as a provider of public cloud storage and services. In the fiscal year that ended Jan. 31, Snowflake’s revenue soared 174% to $264.7 million compared with the previous fiscal year, the company reported. In the sixth months that ended July 31, sales were $242 million, a 133% year-over-year increase.
The offering is being led by Goldman Sachs and Morgan Stanley. Snowflake’s shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol SNOW.
More must-read tech coverage from Fortune:
- This is the best wireless carrier by far, survey finds
- PayPal’s CEO on why moral leadership makes clear capitalism needs an upgrade
- China’s top chipmaker could be Trump’s next target in the trade war
- Fortune’s 2020 40 Under 40
- Commentary: The race for a COVID-19 vaccine shows the power of “community intelligence”