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ARTICLE · 13 MARCH 2017

Just A Snap To Huge IPO

Duane Morris LLP
Duane Morris LLP
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It appears the initial public offering market is indeed waking up.

United StatesFinance and Banking
Duane Morris
Duane Morris
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It appears the initial public offering market is indeed waking up. Last Thursday, Snap Inc. raised $3.4 billion in its IPO onto the New York Stock Exchange. OK not the biggest ever, since Alibaba raised almost $22 billion in 2014. But it's the biggest tech IPO since the Amazon of China smashed the records. Snap, which of course owns the wildly popular app Snapchat, sold IPO shares at $17 and closed up over 40% on the first day. It rode up a little the next few days and is now back to where it closed on Thursday. Still pretty good. The company is valued now at roughly $24 billion.  Three years ago Facebook offered to buy the company for $3 billion.

In a funny side story, several other companies with "Snap" in their name also shot up on Thursday in apparent investor confusion. That includes Snap Interactive, another app company, and Snap-On, the well-known tool company. Will we see trademark infringement cases? Not likely.

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