Snap to list with New York Stock Exchange
Snapchat’s parent company, Snap Inc., will list its initial public offering on the New York Stock Exchange rather than Nasdaq, reported the Wall Street Journal.
Snap filed its IPO papers with the Securities and Exchange Commission last fall confidentially, and the story stated that the company is planning to go public as soon as March.
The Snap IPO is expected to be valued between $20 and $25b, making the largest initial offering on a US exchange since Alibaba’s IPO in the 2014, valued at roughly $168b.
Nasdaq is the exchange most tied with tech companies, like Microsoft, Amazon and Apple, and both the NYSE and Nasdaq were courting Snap. But the NYSE has won out, as it did with the Twitter, Alibaba and Square.