The SNAP initial public offering (IPO) will be tested this weekend.
The news of Snapchat going public is among the most exciting things happening in the tech industry. In fact, it is one of the largest tech IPOs in recent history, and possibly the most important one since Facebook Inc
(NASDAQ:FB).
SNAP will be traded through the New York Stock Exchange (NYSE). Here is what the company had to say about the weekend test: it will be a “weekend production testing opportunity” on Feb. 25 for firms to “exercise their IPO trading logic.”
It is believed that there is a lot of pressure surrounding the NYSE’s next move due to the fact that even a small mishap could prove to be a blemish in the market’s reputation.
“It’s a big deal and they clearly want to make sure it goes smoothly – you can’t fault them for that,” said Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York. “They want to make sure the systems are a ‘go’ and there are no glitches or bugs in the system, so it is just a course of action.”
Snapchat has experienced unparalleled growth in the industry, easily surpassing the $3 billion valuation that Facebook set on them a couple years back when the social media site attempted to acquire the photo-sharing app for that price.
