(Bloomberg) -- Snowflake Inc. surged unlike any debut in at least a decade on Wednesday, when shares opened at more than double its initial public offering price.
The maker of cloud-data software popped 104% to $245 in its first trade, the biggest opening gain of any IPO since at least 2008, according to data compiled by Bloomberg. This excludes deals that raised below $1 billion.
Snowflake’s IPO priced Tuesday night at $120 per share, above a $100 to $110 offering range that was previously boosted from $75 to $85. The stock resumed trading after the opening moves triggered a halt.
