Despite all signs that Snap (SNAP) is running into a user growth wall, the IPO demand appears hot. According to Reuters, the pricing of the stock next Wednesday is likely to rise as underwriters are now telling investors that the deal is oversubscribed at the target range of $14-16 per share. Snap plans to offer 200 million shares in the offering with 55 million from insiders and an additional 30 million shares for over allotment. At the midpoint with the over allotment, the social networking company would raise $2.3 billion. Signs exist the IPO pricing could jump to $20 per share. The company will have 1.2 billion shares outstanding after the offering. The stock jumping to $20 would be perfect for reaching the target valuation of around $23 billion. The question though is whether to hold the shares at this point. Goldman Sachs forecasts revenues surging to nearly $2 billion in 2018, up 5x from the $404 million in 2016. The interesting projection is that Snap grows DAUs to 221 million in '18 from the 158 million at the end of '16. The analysts forecast a nearly 40% growth rate though users clearly stalled at the end of 2016 as Facebook (FB) constantly copies SnapChat features. Snap only produced a minimal 5 million sequential gain in Q4. Remember that Twitter (TWTR) is only worth $11.5 billion now with revenue targeted at $2.5 billion this year. Stalling user growth is what killed Twiiter and Snap needs to solve that problem before investors should chase the stock after likely pricing hot. This post doesn't even cover the huge expense issue. Watch for more posts next week tracking the progress of the IPO. All indications exist that the IPO will price hot and investors should quickly flip the stock. Disclosure: Long TWTR