Cloud data platform Snowflake is set to go public, announcing its initial public offering price, which could make it the largest IPO offering in the software space to date.

The company intends to offer 28 million shares of Class A common stock for $120 per share, up from the $100 to $110 previously suggested. The shares are expected to begin trading on the New York Stock Exchange on Wednesday under the ticker symbol “SNOW.”

The offering is expected to close on Friday and with an underwriter option to purchase up to 4.2 million additional shares within the next 30 days. Valuation of the company is nearly $3.4 billion, with an expected valuation of $33.3 billion at its share price, CNN reported.

Snowflake, which allows for the analyzing and sharing of data in the cloud, has over 3,117 customers, nearly double from a year ago, according to its Securities and Exchange Commission filing.

The software company rivals Amazon AWS, Microsoft Azure, and Google Cloud, but has not turned a profit yet. It has seen its sales grow quickly over recent months, reporting revenues of $242 million in the last six months, with a net loss of $171 million, the SEC filing indicated.

Snowflake is backed by Salesforce and Warren Buffett’s Berkshire Hathaway as well as investors Altimeter Capital, ICONIQ Capital, Redpoint Ventures, Sequoia, and Sutter Hill. CEO Frank Slottman also has a stake in the company.

Salesforce and Berkshire Hathaway will each buy $250 million in Snowflake shares in a private placement, following the launch of the IPO.

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Cloud-based storage companies attract customers with free storage space. Courtesy Reuters
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