Dan Primack Feb 23, 2017
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The key date for Snap's IPO is in July, not March

Mark Lennihan / AP

Some notes on Snap's IPO, as the investor roadshow today rolls into Boston's Four Seasons hotel:

When to watch: There will be an enormous amount of attention paid to Snap's IPO price and where the stock closes on its first day of trading (pop, dip, etc.). But the much more important day will be Monday, July 31, since that will be the first day of trading when the lockup expires for most of Snap's current shareholders (both investors and vested employees). Some investors are getting partial liquidity via next week's offering, but the big sells can't come until at least 150 days post-pricing.