Snap Said to Choose NYSE Over Rival Nasdaq for Upcoming IPOby and
Snap Inc., the maker of messaging app Snapchat, plans to list shares on the New York Stock Exchange when it goes public later this year, according to a person familiar with the matter.
Snap has already filed disclosures related to the initial public offering privately with the U.S. Securities and Exchange Commission, and is expected to reveal the information publicly as early as this week, a person familiar with the timing said last week.
The Venice, California-based company is following in the footsteps of the largest technology listings since technical glitches at the Nasdaq botched Facebook Inc.’s trading debut in 2012. Until that point, Nasdaq was the venue of choice for companies like Apple Inc. and Alphabet Inc.’s Google, with a reputation as the more tech-savvy, nimble exchange.
NYSE has attracted listings including Twitter Inc.’s IPO in 2013 and Alibaba Group Holding Ltd.’s record $25 billion offering in 2014. The exchange has been touting its own Snapchat presence in recent months, promoting its account with banners outside its 11 Wall Street building and adding paid geofilters in tie-ups with its listed companies.
Representatives for Nasdaq, NYSE and Snap declined to comment.
After filing publicly, Snap must wait 21 days before starting a road show to tout the listing to investors. On the current schedule, the company’s shares could start trading in March.