Snap Inc. will make its debut as a publicly traded company on the New York Stock Exchange Thursday morning.
The parent company of Snapchat priced an initial public offering of 200 million shares at $17 apiece. That raised $3.4 billion for the company and some investors, and gives Snap a valuation of nearly $24 billion.
The stock is currently indicated to open at between $22 and $24 a share, according to price indications at 10:15 a.m. E.T.
Incumbent companies don’t take kindly to upstarts threatening to change the way an industry works. Whether you’re Uber or Lyft undercutting taxi companies or Airbnb pulling guests away from hotels, someone is going to be upset about having to compete with an idea that seemed to come out of left field.
The situation is no different for private “dark pool” trading venue IEX, which expects to find out March 21 whether the Securities and Exchange Commission will grant it approval to become a public stock exchange. Billing itself as the good guy stock market where high-frequency traders don’t have an unfair advantage, IEX has predictably caught more than a little flak from heavyweight competitors Nasdaq, NYSE and BATS.
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