Snowflake, a cloud data warehouse startup, applied to US regulators for an initial public offering of shares with highly anticipated stocks on Monday.
Since its establishment in Silicon Valley seven years ago, Snowflake has been developing rapidly. Although it was not profitable at the beginning of this year, Snowflake was valued at approximately US$12.4 billion (approximately Rs 92,125 crore) in a round of private financing at the beginning of this year.
Snowflake’s revenue jumped from US$97 million (about Rs 720.6 crore) last year to US$264.7 million (Rs. 1966 crore) last year, while its net loss increased from US$178 million (about Rs. Rs.) to 348.5 million. US dollars (approximately 258.9 billion rupees). According to documents submitted by the US Securities and Exchange Commission, the figure is Rs 13,22 crore.
Snowflake plans to raise up to 100 million U.S. dollars (about Rs 742.9 crore) of funds, when the product was listed on the New York Stock Exchange under the ticker symbol “Snow”.
The date of the initial public offering and the opening stock price have not yet been determined.
The start-up company stated in the document: “Since the first batch of customers in 2014, as we solved the main shortcomings of the existing solution and expanded from a data warehouse to an integrated cloud data platform, the response exceeded our expectations. “
“The original cloud journey has evolved into a stronger vision for the data cloud.”
Snowflake provides online data storage, analysis, and management, essentially providing infrastructure as a service for companies seeking online operations.
The document shows that the startup relies on data centers hosted by Amazon, Google and Microsoft.
The pandemic has dealt a heavy blow to the economy, but it has also accelerated the trend of companies connecting with online customers instead of in person.
Secret data analysis expert Palantir said last month that it had secretly submitted an application for a stock listing, while the housing-sharing startup Airbnb said last week that it had secretly submitted an application for an initial public offering to US regulators.
Rob Enderle, a technical analyst at Enderle Group, said that due to unemployment and reduced stimulus currencies, the U.S. stock market is likely to plummet later this year, which provides impetus for an early listing.