Microsoft-backed Databricks plans IPO next year

Databricks Inc, whose business overlaps with data and analytics software maker Snowflake Inc, is preparing an initial public offering that could come in the first half of 2021, according to people with knowledge of the matter.

Discussions are at an early stage and the company has held talks with banks but has yet to hire underwriters, said the people, who asked not to be identified discussing private information. The company’s plans could still change, they said.

San Francisco-based Databricks is aiming to go public at a price significantly higher than the valuation in its last funding round, one of the people said. It was valued in 2019 at $6.2 billion when it raised $400 million, according to a statement at the time.