By Wallace Witkowski
Snowflake Inc. /zigman2/quotes/220991541/composite SNOW +3.10% plans to raise up to $2.74 billion in its initial public offering along with orders from Berkshire Hathaway Inc. /zigman2/quotes/208872451/composite BRK.A +0.46% /zigman2/quotes/200060694/composite BRK.B +0.42% and Salesforce.com Inc. /zigman2/quotes/200515854/composite CRM -0.71% , according to a filing with the Securities and Exchange Commission late Tuesday.
The cloud-based data management company said it plans to offer 28 million shares between $75 and $85 apiece, with underwriters getting an option for an additional 4.2 million to cover overallotments. Snowflake said Berkshire Hathaway and Salesforce both plan to buy $250 million in shares, or 3.13 million shares at $80 apiece. Additionally, Berkshire Hathaway will buy about 4 million shares from an unnamed stockholder at the initial IPO price, Snowflake said.
Snowflake filed for its IPO in late August . The company plans to list under the ticker “SNOW” on the New York Stock Exchange. Earlier in the year, the company was valued at around $12 billion after its most recent round of funding in February, according to Crunchbase.