The Snapchat owner will raise $3.2bn if it floats at the top of its range, and shareholders that could include Tencent, Alibaba and Yahoo will sell 45 million shares in the offering.
Snap, the US-based social media company backed by internet groups Alibaba, Tencent and Yahoo, set the range yesterday for an initial public offering that would raise up to $3.2bn.
Snap plans to issue 145 million shares priced between $14 and $16 each on the New York Stock Exchange, while its shareholders intend to divest 45 million. The offering would value it at between about $19bn and $22bn, depending on whether it floats at the top or foot of the…
