Snap, on Cusp of IPO, Looks Set for Strong Debut

Posted March 02, 2017

Snap, Inc., the parent company of the communications app Snapchat, is pricing its shares at $17 each Wednesday, according to news reports, in the biggest USA tech listing in more than two years.

Snap is targeting a valuation of between $19.5 billion and $22.3 billion for its listing on the New York Stock Exchange on Thursday.

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The price was above the $14-$16 range it set two weeks ago, a sign of strong demand.

Though Spectacles marked Snapchat's foray into the gadget sector, as well as the company's pivot from an ephemeral messaging app to a self-described "camera company", the smart sunglasses launch may be just the beginning of its hardwareambitions. Those funds will give Snap greater ability to compete for talent and acquisitions against larger Internet companies like Facebook.

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The drone would help users take videos and photographs from overhead, then share that visual data with Snap, and presumably, other users of the service. If it does raise the price, the IPO would value Snap at close to $25 billion - which is the valuation the company expected when it first considered an IPO.

News of the $17-a-share pricing was reported earlier Wednesday by the Wall Street Journal and CNBC. Hot the heels of announcing special eye-wear for Snapchat, word on the web is that Snap wants to build a drone. After adding 36 million daily active users during the first half of previous year, Snapchat picked up just 15 million in the second half.

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But with Snap's IPO likely just days away, investors appear to be paying less attention to the once-worrisome financial metrics and more attention to advertising opportunities that the company could tap. Over the last few years, however, Snap has been making efforts to become a modern-day camera company and it may have more tricks up its sleeve toward that goal. But history will likely remember Evan Spiegel and his precious company as the lost, desperate dreams of frat bros for generations to come.