Snap IPO Is Officially Largest In U.S. Since 2014

By Jeremy C. Owens Markets MarketWatch Pulse

Snap Inc. confirmed an earlier report Wednesday, pricing shares in its initial public offering at $17 for the largest U.S.-listed IPO since Alibaba Group Holdings Ltd. in 2014. The parent company of the popular Snapchat mobile app said it would sell 200 million shares for a total take of $3.4 billion, with about $2.5 billion going to the company and the rest to early investors and executives who sold shares. Snap receives an initial market capitalization of $19.7 billion, though that valuation jumps to roughly $24 billion when counting unvested shares and other potential dilution. Snap shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol SNAP.

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