>> Snap Inc takes it's IPO roadshow to New York and I've never seen such high security like we did today. I'm Liana B Baker with Reuters. Snapchat's top management has been gathering at the Mandarin Oriental in New York. They're meeting with investors today to discuss selling shares ahead of their IPO, which is pretty soon.
All the attendees had fluorescent yellow cards that said Snap. The security was pretty tight. I've been to a lot of road shows before, the Alibaba road show was a lot easier to grab people. This one seemed pretty tight and as soon as the journalists walked in, company representatives came out to make sure we didn't close to the parameter.
Investors we spoke with today, in the lobby of the hotel,are looking for any details on what the company's financials forecast could possibly be. There's also questions about how Snap will differentiate itself from Facebook and Instagram and all the competition. Of course, Evan Spiegel's iron clad, control of the shares, there's zero votes for investors, has some people I spoke with worried that the company could never be a take over target, for example.
Because investors wouldn't really have a voice if they wanted the company to sell or do anything because the founders really do have a lot of control of the votes. We don't know the exact valuation of how the IPO will price. But it's looking like it'll be a lot lower than the original numbers that leaked out a couple months ago, which were as high as 25 billion.
There seems to be pent up demand for tech IPOs, there's just been so few. Especially, splashy internet names like Snap. So there is a big feeling sort of in a hotel today among investors that if this IPO goes well, there could be a lot more down the road.