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Snap Expects To Price IPO $14.00 - $16.00/shr




17.02.17 03:25
dpa-AFX


WASHINGTON (dpa-AFX) - Snapchat's parent company Snap Inc disclosed in a regulatory filing Thursday that it expects to price initial public offering of 200 million shares of Class A common stock between $14.00 and $16.00 per share.

The company has applied to list our Class A common stock on the New York Stock Exchange under the symbol "SNAP."


Snap Inc. is offering to sell 145 million shares of Class A common stock in this offering. The selling stockholders identified in this prospectus are offering an additional 55 million shares of Class A common stock.


The company estimates that its net proceeds from the sale of its Class A common stock that it is offering will be $2.1 billion (or approximately $2.3 billion if the underwriters' option to purchase additional shares of Class A common stock from the company is exercised in full), assuming an initial public offering price of $15.00 per share, the midpoint of the estimated price range.


The company noted that the principal purposes of this offering are to increase its capitalization and financial flexibility and create a public market for its Class A common stock. It intends to use the net proceeds it receive from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures.


It may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies. However, it is not contemplating any material acquisitions at this time. It may also use a portion of the net proceeds to satisfy tax withholding obligations related to the vesting of restricted stock units, or RSUs. It will not receive any of the proceeds from the sale of Class A common stock in this offering by the selling stockholders.


Copyright RTT News/dpa-AFX



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