Snap NYSE IPO

Overview:

• Social media parent company Snap has completed its long-anticipated IPO on the NYSE, raising $3.4 billion.
• The offering consisted of 200 million shares valued at $17 a share giving a market capitalisation of $24 billion.
• The offering raised $3.4 billion.
• The shares rose to $24.48 by the end of the first day's trading.
• The offering also includes a 30 million share 'greenshoe' option.
• Morgan Stanley, Goldman Sachs, JPMorgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Co acted as underwriters.
• The funds raised will be used for acquisitions and to invest in new technology.
• The unicorn offering comes amid an exceptionally slow period for IPOs in the US.
• This was the largest social media IPO since Twitter's three years ago.
• Snap is the parent company of social media site Snapchat, which has 158 million users.

Kurt Stumpo - Journalist