There is more than $10 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.
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Snap's IPO is oversubscribed by $7 billion
Snap's initial public offering has a lot more demand than supply.
Snap's public offering is the biggest tech IPO in recent memory.
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. They're expected to allocate a hefty chunk of the available shares to a handful of big investors.
Snap did not return calls seeking comment. IFR reported earlier Friday that the deal was oversubscribed.
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