Snapchat shares for sale
Popular photo-sharing app Snapchat is expected to be valued at US$24 billion (NZ$33.5 billion) when its shares go on sale, despite its parent company posting a half-a-billion-dollar loss last year alone.
Snapchat's stock will be offered to the public for the first time on Thursday morning (New York time) and those interested in buying in can expect to pay around NZ$23.40 per share.
NZ $4.7 billion worth of shares will be up for grabs.
Snap Inc., which oversees the app, was targeting an overall value above US$20 billion (NZ$27 billion) when it announced a fortnight ago it'd be offering up part of the company.
It will be the biggest tech sale in an initial public offering since e-commerce giant Alibaba sold for US$22 billion (NZ$30 billion) in 2014.
Facebook tried unsuccessfully to buy the popular photo-sharing app for US$3 billion (NZ$4.2 billion) in November - an eighth of the price of its valuation.