Politics

Snowflake Brought Nearly $ 4 Billion To Kick Off Big IPO Week

Published

4 years ago

September 16, 2020

This is the most crowded trade ever, fund managers say

Snowflake Inc. has had a hot start to the busiest week for IPOs in over a year.

Snowflake SNOW,
+ 2.05%
estimated its IPO at $ 120 a share on Tuesday night, which means it will raise at least $ 3.86 billion from the IPO and probably over $ 4 billion. The company will sell 28 million shares to raise $ 3.36 billion, and Berkshire Hathaway Inc. BRK.A,
-0.27%

BRK.B,
-0.45%
and Salesforce.com Inc. CRM,
+ 2.04%
agreed to simultaneously purchase shares for $ 250 million at the IPO price. The underwriters, led by Goldman Sachs and Morgan Stanley, have access to an additional 4.2 million shares, which could increase the total equity raised to about $ 4.4 billion.

Based on the price increases during the IPO, there is demand for these additional shares. After originally applied for an IPO less than a month ago, Snowflake announced an expected price range of $ 75 to $ 85 promotion last week. On Monday, the San Mateo, California software company dramatically increased this range to $ 100-110 per share, then on Tuesday evening the price was above this target. Renaissance Capital announced this week that it will be the largest software IPO ever based on a higher price range.

Snowflake makes database software that runs in the cloud, offering the necessary piece of technology infrastructure in new ways. The proposal drew enough enthusiasm to attract investment from Berkshire, whose legendary CEO Warren Buffett has been known to shy away from young tech companies and IPOs for decades. In addition to the $ 250 million investment, Berkshire is buying over 4 million shares at an IPO price from former Snowflake CEO Robert Muglia.

At the IPO price, Snowflake is initially valued at $ 33.3 billion just eight years after registration. The shares are expected to start trading on Wednesday morning on the New York Stock Exchange.

Snowflake is one of a dozen companies expected to go public this week, making it the busiest week for an IPO since Uber Technologies Inc. UBER,
-1.26%
according to Renaissance, in May 2019. JFrog Ltd. FROG, m.
,
Another software company was also scheduled to announce the price of its IPO on Tuesday.

For more: IPO Market Becomes Busiest Since May 2019

Two other software companies, Unity Software Inc. U,
+ 0.46%
and Sumo Logic SUMO,
,
the IPO is expected to be priced later this week. Other offerings among the expected dozen include packaging company Pactiv Evergreen PTVE.

and telemedicine company American Well Corp. AMWL,
,
known as AmWell.

Goodwin Townsend

General internet buff. Hardcore music maven. Typical foodaholic. Friendly student.

Politics

The dollar continues to reflect the political scenario

Published

1 year ago

December 20, 2022

Goodwin Townsend

The dollar continues to reflect the political scenario

Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!

Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.

Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.

The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.

Yesterday, the spot price closed the selling day at R$5.3103.

For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!

Goodwin Townsend

General internet buff. Hardcore music maven. Typical foodaholic. Friendly student.

Politics

Andrés Sánchez consults with the Ministry of Sports, but refuses a political post.

Published

1 year ago

December 20, 2022

Goodwin Townsend

The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.

Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.

No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.

Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.

Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.

The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.

Editors’ Choice

Goodwin Townsend

General internet buff. Hardcore music maven. Typical foodaholic. Friendly student.

Politics

The EU has reached a political agreement on limiting gas prices – 19.12.2022

Published

1 year ago

December 19, 2022

Goodwin Townsend

Germany sentenced Russian to life imprisonment for political murder by order of Moscow - 12/15/2021

BRUSSELS, DECEMBER 19 (ANSA). European Union countries reached a political agreement on Monday (19) to impose a natural gas price ceiling of 180 euros per megawatt hour (MWh). The main sources of income for Russia and the minimization of the use of energy as a weapon by the regime of Vladimir Putin.

The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .

The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.

Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.

The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.

Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.

“This is a victory for Italian and European citizens who demand energy security,” he added.

Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.

However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).

See more news, photos and videos at www.ansabrasil.com.br.

Goodwin Townsend

General internet buff. Hardcore music maven. Typical foodaholic. Friendly student.