Snap Inc, has announced plans to list its highly anticipated IPO on the New York Stock Exchange. Technically, Snap Inc already filed for IPO secretly in Nov 2015 with NYSE but this will be the first time the public will vies its financials as well as its core business. The company is expected to go public later in March.
This comes four years after turning down an offer from Facebook to be acquired at $3 billion. Snapchat is estimated to have 150 million users and could be valued at $20 billion to $25 billion making it largest IPO since Alibaba Group Holdings Ltd’s, the Chinese e-commerce went public in 2004 valued at $170.9 billion. It will potentially be the largest U.S technology IPO since the debut of Facebook in May, 2012 with a value of $81.2 billion.
The report by Wall Street Journal states that Goldman Sachs and Morgan Stanley are the lead underwriters.
This move by Snap Inc is a big victory for NYSE after most tech listing in 2016 went Nasdaq, one of its biggest competitor.
