Let’s start with Nokia. Unfortunately as predicted, the new phone 3310 isn’t really the phone people expected (a decent look here). It’s basic. Really basic. No Wifi and 2G internet. And unfortunately it’s butt ugly too. Even for 50 odd Euros it looks a rip off. Not much more really to add to be honest. Thought I’d have more to say! Let me know your views on the phone, will you buy one?
Second up is the Snap IPO. Well that was a success – a damn fine success. They sold each share for $17 (they were hoping for something between $14-16) giving a valuation of around $24billion and and the shares closed on $24 at the end of the first day of trading (a value of $30billion). Clearly most institutional investors are not worried about Snap’s ability to build revenue.
We also have seen this before with other big IPOs (looking at you Twitter) that slowly corrected itself as market forces finally questioned if it was really worth that much. It’s an interesting time and let’s see what happens.
One thing I was happy to see – the SEC will be investigating whether the share structure of no voting rights will hinder transparency on topics such as executive pay. This is a difficult but necessary subject to tackle and I may report back once this is closed out.
Overall though a good day for tech and hopefully will encourage more startups to go public and transparent. Once again, if you have some thoughts on this, leave them in the comments!