Snap reveals Temasek backing

The messaging service, which closed a $3.9bn IPO in March, has named the Singapore state-owned firm as a shareholder in a regulatory filing.

Temasek, the sovereign wealth fund of Singapore, has been revealed as a shareholder in Snap, the US-based operator of an ephemeral messaging app, Bloomberg has reported.

The state-owned firm holds 300,000 shares in the business, according to a securities filing, though it is not clear when it acquired that stake.

Snap has also named Fidelity Management & Research, T Rowe Price and Coatue Management as backers, which both reportedly participated in funding rounds ahead of the initial public offering in March 2017.

Other newly disclosed stockholders include Jennison, Oppenheimer, Third Point, Ivy, Lone Pine, Soros, Waddell & Reed Financial, Jana, Lansdowne and Appaloosa.

Snap operates an ephemeral photo and video sharing app called Snapchat, though the company has also expanded into the hardware sector with a pair of sunglasses that enable the wearer to record short video clips.

The company floated in early March, closing the IPO at $3.91bn after the underwriters took up their option to purchase an additional 30 million shares.

At the time, broadcaster NBCUniversal already revealed it had purchased $500m in shares through the offering.

Previously, Snap had collected $2.6bn in funding from backers included e-commerce firm Alibaba, internet companies Tencent and Yahoo, and VC firms Benchmark Capital and Lightspeed Venture Capital.

Although Snap’s shares initially rose as high as $29.22 per share (up from a pricing of $17), the stock crashed when the company missed revenue estimates in its first quarterly report on May 10. Shares have risen again slightly since then, but as of the time of writing remain at $19.90.

See more from this Government Report: Singapore


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