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Snap Inc. set to price its IPO at $17 per share
02 March 2017, 12:44 | Muriel Sparks
Bobby Murphy 24 left and Evan Spiegel 22 co-creators of Snapchat.
While its app has proven immensely popular, there was some question as to how Snap would ultimately live up to its multi-billion dollar valuation and make investors money. While overall growth is projected to slow down by 2021, eMarketer is citing Instagram Stories as competition to Snapchat's user base.
Celia Schlekewey, a 20-year-old University of Washington student who also works at a small business, liked the fact that when she first joined, it was "all just about sending pictures to your friends".
"While Twitter has had nearly zero points of innovation in the last several years (Moments does not count), Snap is accelerating its pace of innovation, all while changing the way its users and content partners think about the platform and the future of communication and advertising", Cakmak wrote.
Facebook'sInstagram last August added Instagram Stories, a close clone of Snapchat Stories.
The shares were more than ten times oversubscribed, Reuters said.
LaVon Murphy, 45, a photographer in Portland, Oregon, uses Facebook to keep up with friends, Instagram to express herself through pictures and Twitter to keep up with the news. The stock should go on sale on the New York Stock Exchange on Thursday, in what could be the largest technology IPO since Alibaba went public back in 2014.
Snap will formally price its shares sometime after trading ends today in a regulatory filing, but it looks like the company has settled somewhere near the valuation that was originally reported once it started the process of going public.
Snap had originally aimed to raise $3bn - the same amount Facebook offered the disappearing messaging for the whole company in 2013.
At that price, Snap would have a market value of almost $24 billion, making it the largest US tech IPO since Facebook (FB, Tech30).
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Mets' David Wright is still injured. Is he done?
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