Mon, Jan 30, 2017 - Page 6 News List

Snap to file for IPO, while Liquidia eyes Singapore

Bloomberg

Snap Inc, the maker of messaging app Snapchat, plans to reveal financial statements and other disclosures for its initial public offering (IPO) by late this week, according to a person familiar with the matter.

It will be the public’s first chance to see the performance of the fast-growing company, which is aiming to raise as much as US$4 billion in its IPO. Snap has already filed its information privately with the US Securities and Exchange Commission.

The company plans to emphasize its average revenue per user and is aiming to grow in more mature markets, according to the people.

After filing publicly, Snap must wait 21 days before starting a road show to tout the listing to investors. On the current schedule, the company’s shares could start trading in March. Noah Edwardsen, a Snap spokesman, declined to comment.

Separately, Liquidia Technologies, a biotechnology firm backed by the Bill & Melinda Gates Foundation, is planning an IPO in Singapore this year, according to people with knowledge of the matter.

The US company aims to list on Singapore’s junior Catalist market at a valuation of about S$300 million (US$211 million), the people said, asking not to be identified because the information is private.

Liquidia is in early talks with investors including Malaysian sovereign fund Khazanah Nasional Bhd about selling a stake before the proposed offering, according to the people.

Liquidia was founded in 2004 and is led by chief executive officer Neal Fowler, the former president of Johnson & Johnson’s Centocor unit. The company’s current investors include GlaxoSmithKline PLC, the largest UK drugmaker, as well as venture capital firms Canaan Partners, New Enterprise Associates Inc and Morningside Group, according to its Web site.

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