Wednesday, March 1, 2017
Snap Prices IPO, Debuts On NYSE Tomorrow
Venice, California-based Snap, Inc. has officially priced its IPO, saying on Wednesday afternoon that it will sell 200M shares of its common stock at $17.00 per share. The IPO will raise $3.4 billion for Snap, the company behind Snapchat, valuing the company at approximately $24 billion. The IPO is Southern California's largest, technology IPO in history, and makes founder Evan Spiegel and Bobby Murphy each instantly worth $3.58 billion each. Snap will begin trading at SNAP on the NYSE tomorrow. The IPO was underwritten by Morgan Stanley, Goldman, Sachs & Co., J. P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse, and Allen & Company LLC. Snap is venture backed by Benchmark Capital, Lightspeed Ventures, along with others. Snap's IPO priced above its initial estimated pricing range, which had been between $14.00 and $16.00 per share.