Snowflake, the cloud data platform, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock.
Snowflake intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “SNOW."
According to Snowflake, "data silos have been an enduring challenge blocking organizations from realizing the full value of their data. To solve this problem, organizations have invested billions of dollars in disparate on-premises systems, infrastructure clouds, and application clouds. Yet, the data silo problem persists." The Data Cloud, the company says, its vision for enabling organizations to access, share, and derive better insights from their data and is built on a cloud-native architecture that leverages the scalability and performance of the public cloud.
Snowflake said it has achieved significant growth in recent periods. For the fiscal years ended January 31, 2019 and 2020, its revenue was $96.7 million and $264.7 million, respectively, representing year-over-year growth of 174%. For the 6 months ended July 31, 2019 and 2020, revenue was $104.0 million and $242.0 million, respectively, representing year-over-year growth of 133%.
Snowflake also said its platform is used globally by organizations of all sizes across a broad range of industries. As of July 31, 2020, it had 3,117 customers, increasing from 1,547 customers as of July 31, 2019. As of July 31, 2020, its customers included seven of the Fortune 10 and 146 of the Fortune 500, based on the 2020 Fortune 500 list.
Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, Allen & Company LLC, and Citigroup will act as lead book-running managers for the proposed offering. Credit Suisse, Barclays, Deutsche Bank Securities, Mizuho Securities, and Truist Securities will act as book-running managers for the proposed offering.
For more information, go to www.snowflake.com.