Cloud Data Firm Snowflake Confidentially Files for IPO

(Bloomberg) -- Snowflake Inc., a cloud data platform that was valued at $12.4 billion in a February funding round, has confidentially filed initial public offering paperwork with the Securities and Exchange Commission, according to people with knowledge of the matter.

The San Mateo, California-based company is in talks with potential underwriters about a public listing that could come within months, said one of the people, who requested anonymity because the discussions are private.

A spokeswoman for Snowflake declined to comment.

Snowflake raised $479 million in February from backers including Dragoneer Investment Group and Salesforce Ventures, an arm of Salesforce.com Inc. Other investors include Iconiq Capital, Sequoia, Altimeter Capital, Madrona Venture Group, Redpoint Ventures and Sutter Hill Ventures.

Snowflake, which announced an enhanced strategic partnership with Salesforce this month, has said it has more than 2,000 customers including JetBlue Airways Corp., Accor SA and Conagra Brands Inc.

The IPO market has heated up this month, with more than $7 billion raised globally, thanks in part to appetite from investors for new technology stocks. ZoomInfo Technologies Inc. last week raised $935 million in an IPO and auto sales platform Vroom Inc. expanded its offering on Monday.

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