Snowflake (SNOW) - Get Report kicked off trading on Wednesday at $245 a share, more than double its already lifted initial public offering price of $120, solidifying it as the largest software-focused IPO ever.
The San Mateo, Calif.-based cloud storage and computing company sold 28 million shares at an already-increased range of between $110 and $120 a share, valuing the company above $33.3 billion. The company raised about $3.36 billion in the offering.
Snowflake was worth $67.94 billion at its $245 opening price, more than five times its $12.4 billion valuation in February.
The out-of-the-gate share price, which surged 111% when the stock began trading after 12:30 pm ET, follows two separate increases in Snowflake's IPO pricing and places it at the top of the blizzard of technology and software companies that have heated up the IPO market this year.
The stock was halted shortly after it began trading due to trading volatility, and then resumed its climb. As of 12:50 pm ET Snowflake was at $278, up 133%. The stock ended the regular trading session Wednesday up 1.58% at $253.93.
Snowflake originally set a midpoint range of $80 a share, but raised it to a midpoint of $105 in a new filing on Monday. As of Wednesday, the range had climbed to $120.
TheStreet's Jim Cramer said the IPO could wind up being "the biggest hit of the year."
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Snowflake's financial disclosures show high sales growth: Revenue as of Jan. 31, 2020, had grown to $264.7 million from $96.7 million, a year-over-year increase of 178%.
Separately, Unity Software lifted the expected pricing of its IPO on Wednesday to between $44 and $48 a share, riding on the coattails of more recent software-focused IPOs that have received a welcome reception on Wall Street.
Both Unity's and Snowflake's raised IPO pricings come as investors prep for a slew of software and technology IPOs, in most cases with open arms and pocketbooks.