Business & Tech

San Mateo Tech Company Doubles Market Value In Historic IPO

Snowflake's market value soared nearly 112 percent to more than $70 billion in its New York Stock Exchange debut.

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Gideon Rubin, Patch StaffVerified Patch Staff Badge

SAN MATEO, CA — A San Mateo cloud-software company’s value had quite an impressive initial public offering.

Snowflake’s market value soared nearly 112 percent to more than $70 billion in its New York Stock Exchange debut.

The company became the largest to double its value on its first day of trading, MarketWatch reports, citing data from Dealogic going back to 1995.

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The San Mateo company’s stock pop is indicative of the value of cloud software amid the pandemic according to MarketWatch.

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