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Snap sets IPO terms

Dan Primack, author of Pro Rata

Photo illustration by Greg Ruben / Axios

Snapchat parent company Snap Inc. on Thursday morning disclosed more information about its proposed IPO, including pricing terms. Here's what we've learned:

Top line: Snap plans to offer 200 million shares at between $14 and $16 per share.

Value: If Snap prices in the middle of its range, it would have a market cap of approximately $17.4 billion (albeit at $19.5 billion on a fully-diluted basis). That's more than it was valued at by venture capitalists in March 2015, when it raised $200 million at a $16 billion post-money valuation. But it's significantly lower than the mark it received last May. That discount is also well below the $20 to $30 billion figure that Snap bankers had originally been whispering, and suggests that analyst feedback depressed the price target (which could still change before the actual listing).

Payday: Snap co-founder and CEO Evan Spiegel is selling 16 million shares in the offering, which works out to $240 million at the $15 per share price.

Where: Shares will trade on the New York Stock Exchange.

When: By filing today, Snap is setting itself up to begin trading between March 1-3.

Go deeper

Axios
Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — America has tuned out the coronavirus at the peak of its destruction — 1 in 3 people in L.A. County believed to have been infected with coronavirus.
  2. Politics: Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan— Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat — Joe Biden will seek nearly $2 trillion in COVID relief spending.
  3. Vaccine: Battling Black mistrust of the vaccines — "Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode again — Fed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
Go deeper (1 min. read)Arrow
Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Go deeper (1 min. read)Arrow
Ursula Perano
2 hours ago - Politics & Policy

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Go deeper (<1 min. read)Arrow