Snowflake’s first-day pop means IPO left $3.8 billion on the table, the most in 12 years


An overall view of The Snowflake IPO banner on the front of The NYSE as employees of the tech company celebrate the largest tech IPO in exchange history, September 16, 2026.

Kostas Lymperopoulos | CSM | AP

One of the biggest problems with the traditional IPO process (and there are several) is that it’s impossible to say whether a deal is a success or a failure. 

Snowflake, the cloud-based data management company that’s 2020’s biggest IPO, jumped 112 percent in its debut Wednesday. For investors who received allocation at the $120-per-share offering price (which, by the way, was 41 percent higher than the range Snowflake had initially marketed earlier in September), that’s a win. It’s also…


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