Jim Cramer Says Morgan Stanley Approached Snowflake IPO 'Perfectly'
Snowflake had quite the debut. It 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 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.
Jim Cramer gives his latest thoughts on this IPO.
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