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Snap Inc, owner and creator of messaging platform Snapchat, does not seem to share the concerns that some of its investors may be having during the second day of the company's IPO roadshow, mainly to do with where the company and platform will go in the future. Snap is now aiming for a valuation between $19 and $22 billion, lower than its initial target range of $20 to $25 billion.
In a room of more than 400 investors on the 36th floor of New York's Mandarin Oriental Hotel, Spiegel brushed aside concerns of slowing user growth and stressed Snap's potential to change "the way people live and communicate," according to sources who asked not to be identified because the meeting was closed to the press. Many investors remained unconvinced by Snap's claim that it is more valuable than Facebook Inc based on revenue at the time of its IPO in 2012. Still, they acknowledged that Snap has built momentum as this year's biggest technology IPO and the darling of millennials. "They could have been in their underwear up there and no one would have cared," said one investor who attended the roadhow on Tuesday.
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