Snap London Roadshow: investors are most concerned about the growing problem-Snap-IT information
Burn after reading your Snapchat parent company, Snap's executive team, the consultant team, as well as Barclays Bank Chief Executive participated in Monday's initial public offering in London (IPO) Roadshow. So far, Snap selling new shares to potential investors is still very difficult.
According to an unnamed Fund Manager involved in the road show in London said on the day of the Roadshow, Chief Executive of Snap Aiwen·sipigeer (Evan Spiegel) and executives were asked the company to a range of problems associated with user participation declines. In addition, investors also raised questions about the ownership structure of the Snap. Prospectus showed that Snap the issue class a common stock without voting rights. Snap equity structure is divided into three categories: class a, b, and c levels. In addition to the right to vote, the right to convert and transfer of rights, equity is the same at all levels. Any participation in the Snap of initial public offerings and investors to buy class a common stock are not granted the right to vote. Right to 1 vote per share of class b common stock, are eligible to convert 1 shares of class a shares. Class c shares have 10 votes per share rights, you can be eligible to convert 1 shares of class b common stock. Snap c-class common stock holder company founders, executives and directors.
Snap 155th, Bishopsgate Street, London Road show in London's financial district, Convention Center, Snapchat yellow brand hanging outside the building. Includes Spiegel, Chief Strategy Officer, yimulan·Kahan (Imran Khan), Chief Technology Officer of baobi·Mofei (Bobby Murphy) and others, to participating in the activities of some 70 fund managers and analysts have described the company's Outlook.
To investors in London and good, jiesi·sitali, Chief Executive of Barclays (Jes Staley) invited to the Roadshow and briefed participants on Snap executives participating in the roadshow team. Investment banks such as Barclays, Goldman Sachs and Morgan Stanley, and Snap one of the underwriters for the initial public offering.
But in the road show q and Snap executives in a series of small meetings, investor attention has focused on the growth issues. This means that in the eyes of fund managers because of the need to compete with rivals such as Facebook, user growth decline is a serious problem.
Snap prospectus showed that last year's fourth quarter, Snapchat daily active users rose for the first time less than 50%. Instagram photo sharing application owned by Facebook in August last year, launched the Stories feature. At present, there are 150 million users using Instagram Stories. WhatsApp also started to offer services similar to the Snapchat function. Up to now, the Snapchat spokesman declined to comment on the report.
Sources say, Snap executives at Roadshow version for Android users slowing down application problems, the company was already referred to in the prospectus the issue. Ownership problems Snap answer is without the right to vote does not mean not audible, Snap management and the Board will listen to the views and wishes of the shareholders.
Despite concern about Snap user growth, but the company's Roadshow is still willing to travel to London to local fund managers were impressed. Previously, Facebook and Twitter are not available to European investors the chance, hold in the region in pre-IPO Roadshow.
Neptune Investment Management Fund Manager London investment company Ali·angwen (Ali Unwin) says, "I do hope they succeed. Many interesting private technology companies have been wait-listed, if Snap play messed up for the initial public offering might affect their plans. ”
Snap is Twitter more than three years after an initial public offering before the first social media company listed. Snap plans to the valuation of US $19.5 billion to $22.2 billion, traded on March 1.
Snap伦敦路演：投资人最担心用户增长问题 - Snap - IT资讯
阅后即焚应用Snapchat母公司Snap的高管团队、该公司顾问团队，以及巴克莱银行首席执行官周一共同参加了在伦敦举办的首次公开招股（IPO）路演。到目前为止，Snap向潜在投资人销售新股的工作仍很困难。
据参与伦敦路演的一位匿名基金经理称，在当天的路演活动中，Snap首席执行官埃文·斯皮格尔（Evan Spiegel）及公司高管被投资人问到了一系列与用户参与下滑相关的问题。此外，投资人还对Snap的所有权结构问题提出了疑问。招股说明书显示，Snap本次发行不带有投票权的A级普通股。Snap股权结构分为三类：A级、B级和C级。除表决权、转换权和转让权外，各级普通股是相同的。任何参与Snap首次公开招股并买入A级普通股的投资人都不被授予投票权。每股B级普通股享有1股投票权，有资格转换为1股A级流通股。每股C级流通股享有10股投票权，可以有资格转换为1股B级普通股。Snap的C级普通股持有人为公司创始人、高管以及董事。
Snap伦敦路演在伦敦金融区Bishopsgate大街155号的会议中心举办，这栋建筑外悬挂着Snapchat的黄色品牌。包括斯皮格尔、首席战略官伊姆兰·卡汉（Imran Khan）、首席技术官鲍比·墨菲（Bobby Murphy）等人，在活动中向与会的大约70名基金经理和分析师详细描述了公司的前景。
为了向伦敦投资人示好，巴克莱银行首席执行官杰斯·斯塔利（Jes Staley）受邀参加路演活动，并向与会者介绍了参加路演的Snap高管团队。巴克莱银行与摩根士丹利、高盛等投资银行一样，也是Snap首次公开招股的承销商之一。
不过在路演的问答环节以及与Snap高管进行的一系列小规模会议中，投资人的注意力都集中在用户增长的问题上。这意味着在基金经理眼中，因为需要同Facebook等对手竞争，用户增速的下滑是严重的问题。
Snap的招股说明书显示，去年第四季度，Snapchat日均活跃用户同比增幅首次低于50%。Facebook旗下的图片分享应用Instagram在去年8月推出了Stories功能。目前，已有1.5亿用户使用Instagram Stories。WhatsApp也开始推出类似Snapchat功能的服务。截至目前，Snapchat发言人对此报道未予置评。
消息人士称，Snap高管在路演中把用户增速放缓的问题归咎为Android版应用的问题，该公司在招股说明书中已提到过这一问题。对于所有权的问题，Snap的答复是没有投票权不代表不能发声，Snap管理层和董事会仍将会倾听股东的意见和诉求。
尽管对Snap的用户增长感到担忧，但该公司愿意前往伦敦举办路演活动仍给当地的基金经理们留下了深刻印象。此前，Facebook和Twitter都未向欧洲投资人提供机会，于上市前在该地区举办路演活动。
伦敦投资公司Neptune Investment Management的基金经理阿里·昂温（Ali Unwin）表示，“我确实希望他们能取得成功。许多有趣的私有科技公司都在排队等待上市，如果Snap的首次公开招股演砸了，可能会影响到它们的上市计划。”
Snap是自Twitter三年多之前首次公开招股后第一家上市的社交媒体公司。Snap计划以195亿美元至222亿美元的估值，在3月1日挂牌交易。