"Snap could have priced the IPO at as much as $19 a share, but the company wanted to focus on securing mutual funds as long-term investors rather than hedge funds looking to quickly sell"
..
What does this mean ??
The shares were "pre sold" to MFs before hand ??
To "seal the deal" so to speak ??...Did they "promise not to flip them" ?
For how long ?
Cat is confused
Any input from TO financial braniacs appreciated.