Snap woos sceptical London investors ahead of its New York IPO
Lack of projections on firm's future revenues, ad share disappoints roadshow attendees
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SNAP Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering (IPO) in the face of concerns about its growth prospects, valuation and corporate governance.
The US company, which has yet to make a profit, is targeting a valuation of between US$19.5 billion and US$22.3 billion from listing on the New York Stock Exchange, after cutting its initial target of US$20 billion-US$25 billion last week following investor feedback.
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