On Friday, shares of Snap Inc. (SNAP - Free Report) are soaring, up over 17% to $28.80 per share in morning trading the day after its incredibly successful IPO. $4 billion was raised in the deal, making it the second-largest U.S.-based technology IPO ever, behind only Facebook .
Snap’s IPO was 12 times oversubscribed, meaning there were 12 times more orders than there were shares offered. And apparently, one of the company’s biggest investors turned out to be NBCUniversal, a unit of media giant Comcast (CMCSA - Free Report) , according to CNBC.
CNBC, who cites anonymous sources, says NBCUniversal is the only U.S. media company who owns a stake in Snap, though other companies are free to buy stock on the open market.
This marks the latest digital media investment by NBCUniversal, who recently acquired SportsEngine, a digital business for young people in local sports, as well as its $400 million stake in Buzzfeed and $200 million stake in Vox Media, which include sites like Vox, SB Nation, and Recode. Over the past 18 months, NBCUniversal has spent roughly $1.5 billion on digital assets, according to CNBC.
However, this wouldn’t be its first encounter with Snap. In the past, the media company has paid the staggering advertising fee in order to be featured in front of the app’s huge, engaged audience. NBCUniversal also worked with Snap for the Rio Olympics, in partnership with Buzzfeed.
Snapchat has about 160 million daily users, but is facing stiff competition, especially from Facebook’s Instagram app. This, in addition to its incredibly high valuation, makes any investment into Snap risky, as there’s concern that the app’s appeal could fade in the future.
Last week, Editor Maddy Johnson and Content Writer Ryan McQueeney, hosts of the Zacks Friday Finish Line podcast, previewed Snap’s IPO on their show. They were joined once again by Kathleen Smith, co-founder of Renaissance Capital, to discuss Snapchat and its IPO expectations.
Check it out now!
Everything You Need to Know About Snapchat’s IPO Now
You may be curious about the buzz surrounding Snap Inc.'s IPO, but should you snap up this tech stock? In the 2017 IPO Watch List, you'll get an inside look at Snap's exciting prospects and potential challenges.
You'll also learn about 4 other exciting tech companies with jaw-dropping growth. Each could go public in the coming months. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the latest scoop. Download this IPO Watch List today for free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
On Friday, shares of Snap Inc. (SNAP - Free Report) are soaring, up over 17% to $28.80 per share in morning trading the day after its incredibly successful IPO. $4 billion was raised in the deal, making it the second-largest U.S.-based technology IPO ever, behind only Facebook .
Snap’s IPO was 12 times oversubscribed, meaning there were 12 times more orders than there were shares offered. And apparently, one of the company’s biggest investors turned out to be NBCUniversal, a unit of media giant Comcast (CMCSA - Free Report) , according to CNBC.
CNBC, who cites anonymous sources, says NBCUniversal is the only U.S. media company who owns a stake in Snap, though other companies are free to buy stock on the open market.
This marks the latest digital media investment by NBCUniversal, who recently acquired SportsEngine, a digital business for young people in local sports, as well as its $400 million stake in Buzzfeed and $200 million stake in Vox Media, which include sites like Vox, SB Nation, and Recode. Over the past 18 months, NBCUniversal has spent roughly $1.5 billion on digital assets, according to CNBC.
However, this wouldn’t be its first encounter with Snap. In the past, the media company has paid the staggering advertising fee in order to be featured in front of the app’s huge, engaged audience. NBCUniversal also worked with Snap for the Rio Olympics, in partnership with Buzzfeed.
Snapchat has about 160 million daily users, but is facing stiff competition, especially from Facebook’s Instagram app. This, in addition to its incredibly high valuation, makes any investment into Snap risky, as there’s concern that the app’s appeal could fade in the future.
Last week, Editor Maddy Johnson and Content Writer Ryan McQueeney, hosts of the Zacks Friday Finish Line podcast, previewed Snap’s IPO on their show. They were joined once again by Kathleen Smith, co-founder of Renaissance Capital, to discuss Snapchat and its IPO expectations.
Check it out now!
Everything You Need to Know About Snapchat’s IPO Now
You may be curious about the buzz surrounding Snap Inc.'s IPO, but should you snap up this tech stock? In the 2017 IPO Watch List, you'll get an inside look at Snap's exciting prospects and potential challenges.
You'll also learn about 4 other exciting tech companies with jaw-dropping growth. Each could go public in the coming months. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the latest scoop. Download this IPO Watch List today for free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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