Snap prices shares at $17 for Thursday’s IPO, Hyperloop One pitching Indian government on system, and Snap Inc. said to be working on drone.
Snap Prices Shares at $17 for Thursday’s IPO
Despite questions about slowing user growth and a $500 million loss on its 2016 balance sheet, Snap Inc. priced its initial public offering at $17 a share Wednesday, a day before it starts trading on the New York Stock Exchange, reports the Business Journal. The Venice-based company’s pricing exceeded initial estimates, which pegged Snap’s stock value at $14 to $16 after the company filed its prospectus with the Securities and Exchange Commission last month.
Hyperloop One Pitching Indian Government on System
Hyperloop One is in early discussions with the Indian government about bringing its tube-based transportation system to the country, reports Quartz. The company will decide if the project is feasible by the end of the year.
Snap Inc. Said to Be Working on Drone
Snap Inc. is said to be working on a drone, which users could use to take overhead videos and photographs, reports the New York Times. It is unclear if Snap’s drone would become available to consumers because Snap often works on experiments, many of which are canceled or repurposed into other projects.
Send tips on L.A. tech companies and startups to reporter Garrett Reim via [email protected]. Follow @garrettreim on Twitter for the latest in L.A. tech news.
