Cloud data firm Snowflake files for IPO showing revenue growth

[HONG KONG] Snowflake, a cloud data platform that was valued at US$12.4 billion in a February funding round, filed for an initial public offering (IPO), disclosing revenue that has more than doubled year over year.

The San Mateo, California-based company in its filing on Monday listed the size of the offering as US$100 million, a placeholder that will likely change.

Three other software companies - Unity Software, Sumo Logic and JFrog - also filed on Monday to go public on US exchanges. Palantir Technologies and Asana are also expected to file as soon as this week.

Snowflake raised US$479 million in February from backers including Dragoneer Investment Group and Salesforce Ventures, an arm of Salesforce.com. Other investors include Iconiq Capital, Sequoia, Altimeter Capital, Madrona Venture Group, Redpoint Ventures and Sutter Hill Ventures.

Snowflake, which announced an enhanced strategic partnership with Salesforce in June, has said it has more than 2,000 customers including JetBlue Airways, Accor and Conagra Brands.

The company said it lost US$171 million on revenue of US$242 million for the six months ended July 31, compared with a loss of US$177 million on revenue of US$104 million for the same period last year.

The offering is being led by Goldman Sachs Group and Morgan Stanley. Snowflake plans to list its shares on the New York Stock Exchange under the symbol SNOW.

BLOOMBERG