Snap Inc’s IPO will go public on NYSE next week
Snap Inc, Snapchat’s parent company, is expected to publicly file its initial public offering (IPO) next week, says a report in Recode. The site quoted sources who said Snap Inc is planning to file the IPO late next week. The report adds the timing may still change given this is ‘typical’ in public offerings.
We haven’t seen a big IPO a long time ago and we are quite eager to see how it will roll out. Sources say the company is aiming to be valued at $25 billion.
Snap’s main product, Snapchat, is among the most popular social networks for young demographic around the world mostly thanks to its ephemeral product but Evan Spiegel, CEO of Snapchat, says half of the new users are over 25 years old.
It’s also a big victory for the NYSE, after seeing most of 2016’s tech listings go Nasdaq. The two had been competing head-to-head for several prior years. Snap is hoping its IPO could value it at as much as $25 billion, sources have told Reuters. It could be the biggest U.S. technology company IPO since Facebook Inc in 2012.
Apple, Alphabet, and Amazon all listed on the Nasdaq, the exchange that became associated with tech for decades. But the NYSE has been inching in on their space, claiming companies like Alibaba and Square.