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Warren Buffett-backed Snowflake’s shares more than doubled in value in a volatile debut on the New York Stock Exchange on Wednesday, after the cloud-based data warehouse company raised $3.36 billion in the largest US listing so far in 2020.

Shares of the San Francisco-based company opened at $245 apiece, but the trading was briefly halted.

As it resumed, the shares surged as much as 166 percent to hit a session-high of $319. The company’s initial public offering price was $120, which was well above the offer range of $100 to $110. It had on Tuesday raised $3.36 billion selling 28 million shares in the biggest software IPO of all time.

An opening pop of this magnitude is rare for a big IPO.

Experts said the scope to price the IPO higher was limited for investment bankers as Buffett-led Berkshire Hathaway and venture capital firm Salesforce Ventures bought $250 million worth of shares at $105 apiece earlier this month.

The debut marks a big win for Buffett, who rarely invests in IPOs and whose Berkshire Hathaway made over $1 billion on Snowflake’s listing.

“The fact that Salesforce and Berkshire Hathaway were both in the offering on a private placement added even more, fuel to the fire,” said Jeff Zell, senior research analyst and partner at IPO tracking firm IPO Boutique.

“The IPO was well endorsed by Buffett and he rarely subscribes to an IPO.” Snowflake posted a 173.7 percent jump in revenue to $264.7 million for the fiscal year ended January compared with a year earlier.

The blockbuster opening comes in the middle of a massive boom in US capital markets following a rebound in demand for new listings, after the COVID-19 pandemic forced many companies to put off their plans to go public earlier this year.

Prior to Snowflake, Royalty Pharma and Warner Music Group had the biggest stock market debuts this year.

Goldman Sachs, Morgan Stanley, JP Morgan, Allen & Co and Citigroup were the lead underwriters for the IPO.

Filed under berkshire hathaway ,  ipo ,  Tech ,  warren buffett ,  9/16/20

News Source: New York Post

Tags: warren buffett berkshire hathaway ipo tech warren buffett

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Tyra Banks Boasts Huge Numbers For Her Dancing With The Stars Debut As She Pumps Fans Up For Week 2

The supermodel said 15 million viewers tuned in for the 'DWTS' Season 29 premiere.

Tyra Banks is still riding high over the “huge” ratings numbers for her Dancing with the Stars premiere.

Hours before her second round on the ABC celebrity ballroom competition was set to air live, the newly crowned host shared the big news about her debut on Twitter.

“15 million peeps watched the [Dancing With the Stars] premiere. Huge numbers!” she wrote.

Tyra noted that fans should tune in for the Week 2 episode, which will feature the first elimination of the season, in a one-time Tuesday night time slot.

“Love it, it sounds really great to see such good numbers for your first show and I hope it’ll last through the whole series for you and everyone there,” one fan commented on Tyra’s post.

“Sounds like Trump wrote this tweet,” another joked of Tyra’s focus on the TV ratings.

Others have been confused about the DWTS viewership. After ABC dropped two promos—one that said more than “13 million viewers” tuned in for Tyra’s debut episode and another that said “15 million,” some fans wondered which number was correct. Tyra has now seemingly confirmed that with her latest post.

  Laretta Houston / ABC

Tyra, who is also an executive producer on the show, previously took to Twitter to tell her followers that the ratings for DWTS were up by 30 percent. Despite a widespread boycott threat by diehard fans who were upset over the fact that she replaced fired original host Tom Bergeron, the premiere with the America’s Next Top Model alum at the helm was the highest-rated for the celebrity dance-off since 2017.

Only time will tell if Tyra can hold the attention of viewers or if her impressive first-week audience was born out of curiosity by skeptical critics. But one person who thinks she has what it takes to captivate a permanent audience is longtime series star, Carrie Ann Inaba.

The veteran DWTS judge told that Tyra did an “amazing” job in Week 1. Not only did Carrie Ann gush about the fashion model’s red ballroom gown in the Season 29 opener, but she noted that her glamorous entrance set a precedent for a “new chapter” for the long-running ABC series.

“She put her stamp on the show and I thought the stamp was great,” Carrie Ann said of the new host.

The former Fly Girl added that Tyra brought “a level of pizzazz” that Dancing With the Stars previously lacked, and that she balanced and energized the audience-free ballroom.

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