Successful Snapchat IPO may inspire Bay Area tech companies to go public
Mar 04 2017 by Kate Woods
Protesters demonstrated outside Snap Inc.'s Venice headquarters on Thursday, claiming that the company is turning colorful local retail space into boring offices.
According to the CBS segment, numerous stock splits before the IPO meant the school was holding millions of shares.
A year-long lock-up period is atypically long, potentially signifying strong demand for the IPO, says Lauren Hirsch who covers the story for Reuters.
Lynton was an early investor in Snap, which is now worth more than $30 billion after investor excitement over the unprofitable company's future prospects.
Snap priced shares at $17. On March 3, 2017, the Twitter share closed at $15.75.
In its IPO filing, Snap, the creators of Snapchat, defined itself as a "camera company" and after the release of its Spectacles, the company is now reportedly taking aim at drones. Snap's valuation could be as high as $24 billion, the largest for a US-based tech company since Facebook went public.
Snap's IPO order book was more than 10 times oversubscribed and could have allowed the company to price its shares at as much as $19 a share. Investors buying shares in its IPO are buying non-voting shares for the company.
Mountain View high school to make $50 million in Snap IPOBarrett Daniels is an IPO consultant, focused on tech.
Sacca - whose investments include Twitter and Facebook 's Instagram - is worth an estimated $1.2 billion according to Forbes, so he's likely doing OK.
Earlier this month, Snap filed paperwork with the Securities and Exchange Commission to become a publicly traded company.
The company, makers behind the popular Snapchat app, have netted co-founders Evan Spiegel and Bobby Murphy a lot of money. Furthermore, DiClemente noted that "upside in [SNAP] shares is limited" by a number of factors, which includes competition from rivals and Snap's decline in daily active user growth.