Snap expecting some new IPO investors to commit to year-long ban on selling

New York

SNAP Inc, owner of popular messaging app Snapchat, disclosed on Monday that it expected investors buying up to a quarter of the shares in its US$3.2 billion initial public offering this week to agree not to sell them for a year.

While Snap cautioned it had no binding commitments yet from investors accepting such a lock-up period, the disclosure is a sign of confidence from the company in what is expected to be the biggest US IPO since Facebook Inc.