A trial run of Snap Inc.'s IPO will take place on Saturday in preparation for what could be the biggest U.S. technology IPO in five years. The exchange would offer a "weekend production testing opportunity" for firms to "exercise their IPO trading logic," giving traders the opportunity to send sample orders to the NYSE to test for glitches in the system.
Snap's IPO is expected to price on March 1, and will likely be between $14 and $16 per share, according to documents filed with the SEC. The company is seeking a $22 billion valuation.
Trial runs are a rarity for the NYSE, which reserves them for notable unveilings like Alibaba's in 2014 and Twitter's in 2013. The strategy comes just five years after Nasdaq was heavily criticized for botching Facebook's IPO. Its technology couldn't handle the demand for the social network's shares.