Credit: Shutterstock photoSnap, which provides a mobile app, Snapchat, for ephemeral messaging and photo sharing, raised $3.4 billion by offering 200 million shares at $17, above the range of $14 to $16. The deal is the largest US IPO since Alibaba went public in 2014, and it is the third-largest IPO for a US-based tech company in at least fifteen years. Snap plans to list on the NYSE under the symbol SNAP. Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Credit Suisse and Allen & Company acted as lead managers on the deal.
The article Snap prices IPO at $17, above the range originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
