Snap Set to Pitch $3.2 Billion Share Sale to Voteless InvestorsBy
Company will have $18.5 billion market value at top of range
Execs set to host potential investors at Mandarin Oriental
Snap Inc. is pitching a stock to investors that’s more expensive and comes with less shareholder control than any social media company before it.
The result? The company has had to temper its expectations for how it thinks public markets will value the company after its initial public offering.
Snap, which set the terms for its IPO Thursday, will offer 200 million shares for $14 to $16 apiece, according to a filing. That would give the disappearing-photo application maker a market value of $16.2 billion to $18.5 billion, based on the total shares outstanding after the offering…
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