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Snowflake Stock Soars In Largest Software Ipo Ever; Madrona Among Earlier Venture Investors

by geekwire.com posted 1week ago 33 views
Snowflake came out with a bang in its public debut, raising $3.4 billion in the largest software IPO ever. The data warehousing company opened at $245/share after pricing its IPO at $120/share. Its stock continued climbing in Wednesday trading, closing at $253.93, valuing the company at more than $60 billion. The IPO is a windfall for the company’s investors, including Madrona Venture Group. The Seattle-based firm invested in 2017 when the company’s valuation was around $500 million, said Madrona Managing Director S. “Soma” Somasegar.