There's more than $10 billion in demand for Snap's hot IPO

Evan SpiegelSnapSnap CEO Evan Spiegel.

There is more than $US10 billion of demand for Snap’s hot IPO so far, according to people familiar with the situation who declined to be named because the information is private.

Snap’s public offering is the biggest tech IPO in recent memory.

The company is seeking to raise as much as $US3.2 billion and pricing shares at $US14 to $US16. That would value it between $US19.5 billion and $US22 billion.

Given the $US10 billion in demand, Snap’s IPO is three times covered, or oversubscribed, in Wall Street parlance.

Snap kicked off its roadshow last week and has given meetings to hundreds of investors in London, Boston and New York this week. The company is planning to hold meetings in Los Angeles and San Francisco early next week, according to a schedule obtained by Business Insider.

The banks leading the deal, led by Morgan Stanley, Goldman Sachs, Deutsche Bank and JPMorgan, are still accepting orders, and will close the order book on Tuesday.

It is not yet clear if Snap will decide to increase the price of the shares above the top of the initial range, or decide to sell more shares.

Snap did not return calls seeking comment.

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