NEW YORK (Feb 24): Next week's planned US$3.2 billion IPO of Snap Inc, maker of the popular Snapchat app, is oversubscribed, market sources told IFR on Friday. The much-awaited deal is scheduled to price on Wednesday, with the company set to begin trading on the New York Stock Exchange the following day. Sources said underwriters told investors that the deal is oversubscribed at the marketing range of US$14-US$16 per share, but they have yet to offer more specific pricing guidance. Investors have questioned the company's slowing user growth, which was just 3% in the latest quarter versus the prior quarter. Snap is planning to sell 200 million shares in all, 55 million of them by company insiders.

Source: The Edge Markets February 24, 2017 15:00 UTC