Amazon and Microsoft Rival Snowflake Files for IPO
Snowflake, a cloud data management company, filed a preliminary S-1 with the Securities and Exchange Commission (SEC) yesterday in preparation for its initial public offering (IPO). It plans to trade on the New York Stock Exchange using the ticker symbol "SNOW." Since this is the company's initial regulatory filing, Snowflake listed a $100 million dollar placeholder as the amount it hopes to raise, and has yet to disclose how many shares it will offer or a timeline for its debut.
The company provides data warehouse technology that helps businesses store and manage data in the cloud, putting it into direct competition with three of its biggest infrastructure partners: Amazon (NASDAQ: AMZN) Web Services, Microsoft (NASDAQ: MSFT) Azure, and Alphabet's (NASDAQ: GOOGL) (NASDAQ: GOOG) Google Cloud.
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Source Fool.com
