Friday, 24 March, 2017

Snap tops expectations in pricing of IPO

Yeah these wouldn't look good on Yeah these wouldn't look good on
Jan Ortega | 03 March, 2017, 00:16

Snap, the owner of the popular mobile messaging app called Snapchat, on Wednesday afternoon raised $3.4 billion and received a market valuation near $24 billion.

Mountain View-based Saint Francis High School could win big after Snap Inc.'s shares soar in IPO's first-day trading. And then there's its unusual attempt to morph from a social platform into a newfangled camera company by developing new hardware in the shape of spectacles that post video to the platform (and possibly drones).

Snapchat, which formed parent company Snap, Inc. ahead of its impending IPO this week that could value the company at as much as $22 billion, now has a drone in the works, according to a report in The New York Times, which cited three people briefed on the project.

On Wednesday night, the company priced its 200 million share offering at $17 per share, above the $14-$16 range it had been shooting for during its IPO roadshow.

Voting rights, according to the filing, would be concentrated among Class C shares, reserved for Spiegel and co-founder and Chief Technology Officer Robert Murphy, and Class B shares, which would be reserved for, as the newswire put it, "Snap insiders".

Google Announces New Tools for Advertising Mobile Games
The apps people have big engagement in will be more prominent on Google Play Store, which is basically an algorithm change. Now, the process is "much more nuanced than that", Hsiao said, as players are more likely to search for specific games.

Traders at the New York Stock during the Snap Inc. float.

Despite Snapchat's sluggish user growth and the company's hefty hosting costs, Mad Money's Jim Cramer believes the trade will be a "phenomenal" one. After adding 36 million daily active users during the first half of previous year, Snapchat picked up just 15 million in the second half.

Snapchat started 2017 with 158 million daily active users, most of whom are people in their teens, 20s and early 30s. Its revenue per user sits at $1.05. To make money, Snap will have to boost its revenue per user, but ad buyers tell DiClemente that the company's ad products are hard for small and midsize companies to use, and "Snap's targeting capabilities are not almost as sophisticated as those of Facebook".

26-year old Mr Spiegel is no stranger to the limelight. Almost 70 percent of all 18- to 24-year-olds in the U.S. use the app, according to ComScore. Spiegel, probably one of the most laconic business leaders in memory, likes to keep things close to the vest, and he tends to make decisions in camera.

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