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and is helping to decide which firms receive an allocation of the new shares, said people familiar with the deal.

Such decisions are typically handled largely by the underwriters. Khan joined Snap, he headed internet banking at Credit Suisse Group AG, where he helped lead Alibaba Group Holding Ltd.’s IPO in 2014.

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The company was pressed about growth potential for daily average users, Snap’s ability to ramp up revenue per user, the founders’ unusually high level of voting control, the logic behind calling itself a camera company and its plans to fight competition, according to several investors who were considering taking part in the IPO.

Snap’s chief strategy officer, Imran Khan, has taken a big role alongside lead underwriters Morgan Stanley and Goldman Sachs Group Inc.