Shares of Snowflake, a cloud data warehousing firm that has the backing of Salesforce (CRM) and Warren Buffett's Berkshire Hathaway (BRKB), more than doubled on their first day of trading in the biggest software IPO ever. Snowflake priced its initial public offering Tuesday night at $120 a share — well above the expected range of $100 to $110. That price range was revised upwards from the original expectation of $75 to $85 a share earlier this month. Dell DELL VMWare VMW The company sold 28 million shares and raised nearly $3.4 billion from the IPO. The impressive debut makes Snowflake the largest software IPO ever, easily topping the 2007 IPO of-backed, which raised nearly $1 billion,At the $245 share opening price, Snowflake is valued at nearly $70 billion.

Source: CNN September 16, 2020 12:33 UTC