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Snap tops expectations in pricing of long-awaited IPO: source

March 1, 2017 By Lauren Hirsch (Reuters) – Snap Inc priced its initial public offering above its target range on Wednesday, a source familiar with the situation said, raising $3.4 billion as investors set aside concerns about its lack of profits and voting rights for a piece of the hottest tech IPO in years. At $17 a share, the parent of popular disappearing-messaging app Snapchat has a market valuation of roughly $24 billion, more than double the size of rival Twitter and the richest valuation in a U.S. tech IPO…

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Snap to price long-awaited IPO on Wednesday amid signs of brisk demand

March 1, 2017 By Lauren Hirsch (Reuters) – Snap Inc, owner of popular messaging app Snapchat, will price its initial public offering after the U.S. stock market closes on Wednesday in the most eagerly awaited technology IPO since Chinese e-commerce giant Alibaba went public in 2014. The pricing will be the first test of investor appetite for a social-media app beloved by teenagers and 20-somethings but which has yet to turn a profit. The company’s losses widened last year, and it is experiencing decelerating user growth in the face of…

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