Supposedly, Snapchat is considering an IPO. [a] What are the advantages and disadvantages of an IPO for the current owners? Suppose an investor asks your advice on the maximum amount to pay for a share. [b] Give the investor a (motivated) advice on the market value of the equity of Snapchat (the share-price can then be determined with the help of this estimate of the market value, once the number of shares is clear).