Snowflake More Than Doubles in Debut as Wall Street Embraces Tech IPOs

Stacey Cunningham, the president of the New York Stock Exchange, rang the opening bell on Wednesday as Snowflake made its public debut.Credit...NYSE

Snowflake, a data storage provider, kicked off a frenzied phase of technology initial public offerings on Wednesday when its stock immediately more than doubled in its market debut, in a sign of Wall Street’s appetite for fast-growing companies.

The action followed weeks of mounting hype over Snowflake, which offers database software that companies use to store and analyze their reams of information.

Mr. Slootman, a longtime Silicon Valley software executive who has led Snowflake since 2019, previously ran ServiceNow and Data Domain, both of which also went public.

Last week, Berkshire Hathaway and Salesforce Ventures each agreed to purchase $250 million of shares in Snowflake’s public offering, stoking hype around the listing.

Venture capitalists have argued for this method because it does not aim for a first-day trading “pop” that indicates the company could have priced its shares higher and raised more money from the transaction.

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