Snap Will Price IPO At $17, WSJ Reports

By Jeremy C. Owens Markets MarketWatch Pulse

Snap Inc. , the parent company of the Snapchat app, has decided to price its initial public offering at $17 a share, the Wall Street Journal reported Wednesday afternoon based on anonymous sources. At that price, which is $1 higher than the top end of the company's targeted price range, Snap's IPO would bring in at least $3.4 billion, making it the largest IPO to list in the United States since Alibaba Group Holdings Ltd. went public in 2014. Snap would have an initial market capitalization of $19.7 billion at a $17 share price, though a fully diluted valuation would be closer to $24 billion. Snap is expected to officially announce the price later Wednesday evening and begin trading Thursday on the New York Stock Exchange under the ticker symbol SNAP.

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