(Reuters) Institutional investors anxious not to be left out of this year’s marquee initial public offering helped Snap Inc pull off the biggest U.S.-listed technology share sale this week since Chinese e-commerce juggernaut Alibaba Group Holding Inc smashed records in 2014.
Keen to boost returns and with a dearth of new stocks to buy, the IPO of a buzzy social media group was a “must-have” for money managers despite concerns about the company’s strategy, slowing user growth and lack of voting rights for new investors, sources familiar with the offer said.
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