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Snowflake soars 130% in $3.36 billion record software IPO debut

Fiber optic cables feed into a switch inside a communications room at an office in the U.K.
Fiber optic cables feed into a switch inside a communications room at an office in the U.K.Bloomberg Creative Photos/Bloomberg

(Bloomberg) -- Snowflake Inc. soared as much as 130% in its trading debut on Wednesday after raising $3.36 billion in a U.S. initial public offering, giving it a market value of more than $70 billion.

Shares of the cloud-data software maker opened at $245 in New York trading, more than double its IPO price.

Snowflake sold 28 million shares at $120 apiece on Tuesday. They were earlier marketed for $100 to $110 each after the range was boosted from $75 to $85.

At $3.36 billion, Snowflake is the biggest software listing on record and this year’s largest U.S. IPO of an operating company, according to data compiled by Bloomberg. That excludes the $4 billion raised in July by a special purpose acquisition company, or SPAC, backed by billionaire investor Bill Ackman.

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U.S. IPOs are having a busy week as 21 companies are expected to price their offerings raising more than $10 billion combined, according to the data.