Snap Picks NYSE Ahead of Much-Anticipated IPO
After a fierce competition between Nasdaq (NDAQ) and the New York Stock Exchange to host the much-coveted initial public offering for Snapchat’s parent company, the latter reportedly has emerged victorious.
Snap has chosen the NYSE for its IPO, according to CNBC, giving the exchange what may be the most high-profile tech offering of 2017.
Both Snap and the NYSE declined to comment.
Snap is due to publicly file for an IPO within a week, according to a Bloomberg report over the weekend. The disclosure of financial statements in a Form S-1 would follow the secretive company’s confidential filing of paperwork in November.
Both Nasdaq and the NYSE had rolled out flashy marketing campaigns to attract Snap. In November, Nasdaq hired a helicopter to film Manhattan’s skyline using Snapchat’s new video-camera sunglasses, Spectacles, while the NYSE maintained a prominent sign in front of its exchange building enticing users to add the exchange on their Snapchat account.
Snap’s IPO, reportedly led by Morgan Stanley and Goldman Sachs, could value the company at as much as $25 billion.
While on the road show to market its IPO, Snap founders Evan Spiegel and Bobby Murphy allegedly assured investors that the instant photo messaging platform can evolve into a powerhouse akin to Facebook (FB) while distancing itself from Twitter (TWTR) , according to a report in The Wall Street Journal.
Ahead of its hotly anticipated IPO, people familiar with the matter also told the Journal that Snap’s founders will seek to retain management control of the company, which means investors won’t get any voting power with shares purchased in Snap’s initial public offering.
Article source: News Source