SAN FRANCISCO — It’s bonanza time in Silicon Valley and on Wall Street.

Snowflake, a data storage and analytics provider, kicked off a frenzied phase of technology initial public offerings on Wednesday when its stock opened at more than double its listing price and then soared in early trading, in a sign of Wall Street’s appetite for fast-growing companies.

The company opened at $245 a share on the New York Stock Exchange, up from $120 set by its bankers, and then shot up to as high as $319 before closing at $254. The listing, which valued Snowflake at $70.4 billion, was the largest so far this year and the largest ever for a software maker, according to Renaissance Capital, which tracks I.P.O.s. It was also a major

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