IPO Terms:
Company: Snowflake
Proposed Symbol: SNOW
Exchange: NYSE
Expected IPO Date: 9/16/20
CEO: Frank Slootman
# of Employees: 1400
Offer Amount: $2.24 bn
Proposed Share Range: $75-$85
Shares Offered: 28 mm
Estimated Market Cap: $22.3 bn
Company Overview:
“We believe in a data connected world where organizations have seamless access to explore, share, and unlock the value of data. To realize this vision, we are pioneering the Data Cloud, an ecosystem where Snowflake customers, partners, and data providers can break down data silos and derive value from rapidly growing data sets in secure, governed, and compliant ways.”
Lead Underwriter(s): Goldman Sachs, Morgan Stanley, J.P. Morgan
VC Investors: Dragoneer, Salesforce Ventures, Altimeter Capital, ICONIQ Capital
Past Financial Data
Revenue:
Year ended Jan 31, 2019: $96.6 mm
Year ended Jan 31, 2020: $264.7 mm
Total Quarterly Revenue (mm)
Net Loss:
Year Ended Jan 31, 2019: $178 mm
Year Ended Jan 31, 2020: $348.5 mm
Operating Expenses:
Year Ended Jan 31, 2019: $230.3 mm
Year Ended Jan 31, 2020: $506 mm
Funding Rounds:
Series A: $5 mm (Aug 2013)
Series B: $26 m (Oct 2014)
Series C: $79 mm (Jun 2015)
Series D: $105 mm (Sept 2017)
Series E: $263 mm (Jan 2018)
Series F: $450 mm (Oct 2018)
Series G: $479 mm (Feb 2020)
Total Funding to Date: $1.4 bn
Current Financial Status (As of July 31, 2020)
Cash: $138.9 mm
Total Assets: $1.4 bn
Total Liabilities: $673.5 mm
Total Shareholder Equity: $763.6 mm
Notes
- Founded in 2012
- CEO, Frank Slootman, served as Chairman of the board of directors of ServiceNow, Inc., a cloud-based IT company, from 2016-2018
- 174% YOY growth in revenue from the years ended Jan 31, 2019 and Jan 31, 2020
- Currently, Snowflake’s customer base includes seven Fortune 10 500 (2020) companies
- Strong net revenue retention rate, which was 158% as of July 31, 2020
- Snowflake believes the market opportunity for their Data Cloud Platform is $81 bn (as of Jan 31, 2020)
- Berkshire Hathaway and Salesforce both have agreed to purchase $250 mm of common stock at Snowflake’s IPO price