While Asia's equity capital markets start the year slowly, envious eyes are being cast across the globe, as New York prepares for a multibillion-dollar IPO from Snap.
Based on its initial fundraising target of $3 billion, Snap promises to be the biggest US IPO in more than two years, since Alibaba's September 2014 listing. Its key product is Snapchat, an instant messaging app beloved by millennials for its playful picture filters and the fact messages sent using it vanish after a specified time.
Yet it is not the product or the valuation that have fed market chatter about this high-profile technology play. Rather, Snap is getting...
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