stock market: If the Los Angeles-based firm goes ahead with the flotation it will be the biggest technology IPO for years, and could pave the way for other bigger tech firms to go public, according to The Guardian. There are a string of mega unicorns companies, defined as those valued at more than $10bn, looking to realise their founders' and investors' wealth by floating on the stock market. Meet Snapchat 'dudeocracy' of talent Read more The company behind the app, which its 26-year-old founder Evan Spiegel created at his Stanford University fraternity house in 2011, is said to have appointed Wall Street banks Morgan Stanley and Goldman Sachs to lead its initial public offering on the New York stock exchange as early as March 2017. Among those waiting in the wings are Uber and Airbnb . The flotation of parent company Snap Inc, which was valued at $18bn at its last funding round, will be the largest social media IPO since Twitter floated in November 2013. The 140-character messaging company has been struggling to find itself a buyer as it fails to build revenue and grow its user base. Since then Twitter has suffered, with its shares falling from a high of $69 to $17.80 on Thursday.
(news.financializer.com). As
reported in the news.
Tagged under stock market, unicorns companies topics.