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Snowflake looks to raise about $2.38 billion in U.S. IPO

Sept 8 (Reuters) - Snowflake Inc, backed by venture capital firm Sequoia, said on Tuesday it expects to raise about $2.38 billion in its initial public offering in the United States, about two weeks after it made its financial documents public.

The company set a price target of between $75 and $85 per share for its sale of 28 million shares.

Berkshire Hathway Inc and Salesforce Ventures LLC, each, agreed to buy $250 million of its stocks in a private placement, the company said. (bit.ly/2F8R3mw)

Snowflake confidentially filed to go public earlier this year, shortly after its last funding in February that valued it at over $12 billion. Sequoia owned an 8.4% stake in the company prior to the offering.

The debut will mark yet another marquee public listing for a Silicon Valley startup, even as all eyes are on Airbnb, Palantir and DoorDash, all expected to go public before the end of the year. (Reporting by Neha Malara in Bengaluru; Editing by Maju Samuel)

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