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Snap IPO Oversubscribed by $7Bn
[Photo: Snap Founders Evan Spiegel and Bobby Murphy]
There is more than $10 billion of demand, so far, for Snap's hot IPO - the biggest tech IPO in recent memory. Despite the demand, the company is only seeking to raise $3.2 billion, at most – meaning the IPO is grossly oversubscribed. Options available to Snap, Inc.: it could either raise its offering price or increase the size of the stake
Currently, the IPO is scheduled to be priced on March 1 in the range of $14 to $16 a share, which would give Snap, Inc. a $22 billion or so valuation.
The banks leading the deal - Morgan Stanley, Goldman Sachs, Deutsche Bank, JPMorgan - are still accepting orders, and will close the order book on Tuesday. They're expected to allocate a hefty chunk of the available shares to a handful of big investors.
