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re: SNAP INC
Posted on 3/2/17 at 12:13 pm to barry
Posted on 3/2/17 at 12:13 pm to barry
quote:
The offer price was $17. On its first day they take buy and sell orders to start the day, which is why IPO's never trade when the market opens at 9. Once they have enough to they select the opening price based on sell and buy orders.
So could I have gotten in at $17 today, by putting in an order to buy before trading started?
2
Posted on 3/2/17 at 12:21 pm to TheIndulger
quote:
So could I have gotten in at $17 today, by putting in an order to buy before trading started?
No.
The shares are allocated ahead of time. It's how they set the offer price. They go on whats called a "roadshow" and the investment bank that is in charge of the IPO basically goes on a whirlwind tour pimping their client and trying to get the highest price available. This is the offer price, this is the money the company actually gets. There is a finite amount of shares and they are allocated to various investment companies, most go to institutional investors and other high profile clients. Joe Schmo has no chance on a hot IPO like SNAP. Even Joe millionaire is probably hosed.
So the IB wants it to be just right. Too low and if the stock pops on opening day then the client is pissed because they left too much money on the table. Too high and the stock goes down on opening day and can cause a lot of angry investors and bad press.
Posted on 3/2/17 at 3:31 pm to TheIndulger
IPO was $17 first offer to best customers. E Trade offered me some (300 shares max) at 20.25, and I got nothing offered from IB. I reserved 300 at 20.25. 300 executed at 22 and change, not 20.25, and I sold almost immediately for $24 and change.
What a joke E Trade is. Insider game. Rigged. To borrow some phrases from our President. I'm not an insider, and this particular IPO game wasn't rigged in my favor.
What a joke E Trade is. Insider game. Rigged. To borrow some phrases from our President. I'm not an insider, and this particular IPO game wasn't rigged in my favor.
This post was edited on 3/2/17 at 3:32 pm
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