Snowflake Inc, a startup engaged in the cloud-based data warehousing business, filed for an initial public offering with the Securities and Exchange Commission on Monday.
What Happened: The company plans to list its shares on the New York Stock Exchange, under the ticker “SNOW.” It hasn't yet disclosed the number of shares or the price at which it plans to issue in the initial public offering.
Morgan Stanley (NYSE:PS), Allen & Company, Citigroup (NYSE:C), and subsidiaries of JPMorgan & Chase Co. (NYSE:JPM) and Goldman Sachs Group Inc. (NYSE:GS) will serve as the lead underwriters for the IPO, Snowflake said in a statement.
Underwriters will have an option to buy a set number of additional shares within 30 days from the date of issuance.
The company has two classes of authorized shares – Class A and Class B. Class A common stockholders would be entitled to one vote for each share, whereas Class B common shares would have ten votes for each share. Additionally, Class B common stock would be convertible into Class A at any time, according to the SEC filing.
Why It Matters: Since incorporation in 2012, Snowflake has raked in over 3,000+ customers, of which 56 customers contributed over $1 million in product revenue in the trailing 12-month period, it said in the filing.
The quarterly revenue for the three months ended July 31, 2020, grew 121% year over year to $133 million.
The company’s recorded revenues for H1 2020 was $242 million at a growth rate of 133% YoY and a net loss of $171.3 million between February and July.
As of July 31, Snowflake reported an accumulated deficit of $871 million.