The underwriters of Snap Inc.'s offering exercised in full their option to purchase an additional 30,000,000 shares of class A common stock from Snap and some of the selling stockholders at $17 per share, less the underwriting discount.
Snap, the parent of ephemeral message service Snapchat, on March 7 closed its IPO at $17 per share. The total offering consisted of 230,000,000 class A shares of Snap, following the exercise in full by the underwriters of their overallotment option.
The company and the selling stockholders raised gross proceeds of $3.91 billion from the offering.
Morgan Stanley, Goldman Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Co. LLC acted as book-running managers for the IPO.