Sept. 16 (UPI) -- Shares of Snowflake more than doubled after the New York Stock Exchanged opened Wednesday, making it the largest IPO for a software company in history.
The cloud data warehousing firm listed its initial public offering at $120 a share Tuesday night, up from the $75 to $85 expected earlier this month. Shortly after midday, shares rose to a high of more than $275.
Snowflake closed the day at $253.93, a 111% increase.
The company raised about $3.4 billion and sold some 28 million shares. The previous largest software IPO came in 2007 with VMWare, which raised less than $1 billion.
Snowflake has the backing of Warren Buffett's Berkshire Hathaway and Salesforce. The company stores and analyzes data from blue chip companies, and has more than 3,100 customers according to filings with the Securities and Exchange Commission.