VENICE, CA — Snap Inc. announced the pricing of its initial public offering of 200,000,000 shares of Class A common stock at a price to the public of $17 per share, for a total offering size of $3,400,000,000. This is one of the most anticipated technology IPOs this year.
Snap is issuing and selling 145,000,000 shares of Class A common stock and the selling stockholders are selling an additional 55,000,000 shares of Class A common stock. The shares are expected to begin trading on the New York Stock Exchange tomorrow on March 2, 2017 under the symbol “SNAP.”
In addition, Snap and some of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 30,000,000 shares of Class A common stock at the initial public offering price less the underwriting discount.
Morgan Stanley, Goldman, Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Company LLC are acting as book-running managers for the offering.