In Snap’s I.P.O, evidence of bankers’ strategy

Steven Davidoff Solomon quoted by The New York Times, March 1, 2017

The bankers played another tried-and-true trick: limit the supply. Only about 19 percent of Snap’s total share float was offered, and a quarter of that amount was sold subject to a one-year lockup. Snap’s remaining capital needs were filled by a $1.2 billion loan from the same bankers underwriting the offering.