Snap, which provides a mobile app, Snapchat, for ephemeral messaging and photo sharing, raised $3.4 billion by offering 200 million shares at $17, above the range of $14 to $16. The deal is the largest US IPO since Alibaba went public in 2014, and it is the third-largest IPO for a US-based tech company in at least fifteen years. Snap plans to list on the NYSE under the symbol SNAP. Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Credit Suisse and Allen & Company acted as lead managers on the deal.
