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Snowflake’s stock enjoys red-hot open, with first trade more than double the IPO price

Shares Snowflake Inc. enjoyed a red-hot start to their public life Wednesday, as the first trade was 104.2% above its initial public offering price. The California-based software company, which is backed by Warren Buffett’s Berkshire Hathaway Inc. and Salesforce.com Inc. , raised $3.36 billion in the IPO and was valued at roughly $33 billion. The first trade was at $245 at 12:38 p.m. Eastern for 3.5 million shares, compared with the $120 IPO price. The pricing was above the expected range of $100 to $110, which was raised earlier this week from expectations of $75 to $85. The stock has since rallied further, and was last up 130%. The company was the highlight of the busiest week for IPOs in 16 months, and investors have been gobbling them up. The Renaissance IPO ETF has run up 25.7% over the past three months while the S&P 500 has gained 9.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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