Factbox - Snap IPO: The asymmetry of venture returns
By Angela Moon NEW YORK (Reuters) - Shares of Snap Inc , the owner of the messaging app Snapchat, opened at $24 per share on the New York Stock Exchange on Thursday versus the initial public offering price of $17. Following is a list of venture capital firms selling their shares in Snap. Estimated values of shares sold in the deal are based on the IPO price. Estimated values of shares retained are based on the stock's opening price. Data based on SEC filings, EquityZen and CrunchBase. * Lightspeed Venture Partners Total shares: 86,629,520 Shares sold: 4,632,890 Shares sold value: $78,759,130 Shares retained: 81,996,630 Shares retained value: $1,967,919,120 Initial purchase prices: - Seed round: Less than $0.01 per share in 2012 - Series A: $0.10 per share in 2013 - Series B: $0.98 per share in 2013 Investment: At least $485,000 Voting right: Yes * Benchmark Capital Partners, Mitchell Lasky Total shares: 131,599,440 Shares sold: 10,695,868 Shares sold value: $181,829,756 Shares retained: 120,903,572 Shares retained value: $2,901,685,728 Initial purchase prices: - Series A: $0.10 per share in 2013 - Series B: $0.98 per share in 2013 Investment: At least $23,943,414 Voting right: Yes * General Catalyst Total shares: 10,712,640 Shares sold: 572,904 Shares sold value: $9,739,368 Shares retained: 10,139,736 Shares retained value: $243,353,664 Initial purchase price: - Series B: $0.98 per share in 2013 Investment: About $10.5 million Voting right: No Following is a history of Snap's private investment rounds. Data is based on SEC filings, EquityZen and CrunchBase. Preferred stock share prices are adjusted to reflect the Class A dividend issued in October 2016 (effectively a 2-for-1 split of the shares). For example, Series A preferred stock investors paid $0.208515 per share for Series A stock. Adjusting for the Class A dividend, the price is reflected below as $0.1043. * Series A-1 (Seed round), May 2012 Investor: LightSpeed Venture Partners Price per share: $0.01 Number of shares: 71.45 million Total investment: $485,000 - $518,000 Value at IPO price: $1.2 billion * Series A, Feb 2013 Lead investor: Benchmark Capital Participants: Lightspeed Venture Partners, SV Angel Price per share: $0.10 Number of shares: 140.58 million Total investment: $14.7 million Value at IPO price: $2.4 billion * Series B, June 2013 Lead investor: Institutional Venture Partners Participants: General Catalyst, Lightspeed Venture Partners, SV Angel, Tencent Holdings, Benchmark Capital Price per share: $0.98 Number of shares: 81.86 million Total investment: $80 million Value at IPO price: $1.4 billion * Series C, Dec 2013 Lead investor: Coatue Management Price per share: $1.70 Number of shares: 32 million Total investment: $54.5 million Value at IPO price: $544.0 million * Series D, Dec 2014 Lead investor: Kleiner Perkins Caufield & Byers Participants: HDS Capital, Yahoo Price per share: $7.68 Number of shares: 6.74 million Total investment: $51.7 million Value at IPO price: $114.5 million * Series E, March 2015 Lead investor: Alibaba, Kleiner Perkins Caufield & Byers Price per share: $10.86 Number of shares: 39.96 million Total investment: $433.9 million Value at IPO price: $679.4 million * Series F, July 2015 - May 2016 Lead investor: Fidelity Investments Participants: Coatue Management, General Atlantic Geodesic Capital, Glade Brook Capital Partners, GSV Capital GSV Ventures, Institutional Venture Partners, Lone Pine Capital, Meritech Capital Partners, Sequoia Capital, T. Rowe Price, York Capital Management Price per share: $15.36 Number of shares: 121 million Total investment: $1.9 billion Value at IPO price of $17: $2.1 billion (Reporting by Angela Moon; Editing by Dan Burns and Meredith Mazzilli)
