By Colin Kellaher
Cloud computing services provider Snowflake Inc. on Monday raised the expected price range of its initial public offering, pushing its valuation over $29 billion.
The San Mateo, Calif., company said it now expects the offering of 28 million shares to be priced at between $100 to $110 each, up from a prior range of $75 to $85 apiece.
At the $105 midpoint of the new range, Snowflake said it expects net proceeds of about $3.3 billion, or roughly $3.8 billion if the underwriters exercise an option to buy an additional 4.2 million shares.
Snowflake has also agreed to sell $250 million in shares each to Berkshire Hathaway Inc. and the venture-capital arm of Salesforce.com Inc. in private placements.
The company said it will have about 277.3 million shares outstanding after the IPO and private placements, for a valuation of about $29.1 billion.
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