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Wireless

Snap sets IPO price range at USD 14-16 per share

Thursday 16 February 2017 | 14:09 CET | News
Snap has set the price range for its initial public offering of shares at USD 14-16 per share. The company is selling 145 million shares, and existing shareholders will sell 55 million, meaning total proceeds of USD 2.8-3.2 billion, in line with its initial SEC filing for the offering. The underwriters have an option to sell another 30 million shares if demand warrants. Snap said it will use a small portion of the proceeds for settling tax obligations related to stock options. However, the bulk of the proceeds will be put in short-term investments. The main reason for the IPO is to crate a

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Categories: Mobile & Wireless
Companies: Snap
Countries: World
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