There’s a good chance Snowflake doesn’t ever trade at that list price. Perhaps most exciting to traders, Snowflake’s customers stick around: the company achieved net revenue retention of 158% as of July 31. Bob Muglia, the CEO he replaced, owns about 8 million shares at IPO, with a commitment to sell half to Berkshire Hathaway in a private placement set at the list price. Early investor Sutter Hill Ventures owns more than 49.5 million shares, a stake valued at more than $5.9 billion at Snowflake’s list price of $120. Altimeter Partners holds more than 36 million shares, ICONIQ more than 33 million, Redpoint Ventures nearly 22 million and Sequoia more than 20 million.
Source: Forbes September 16, 2020 01:18 UTC