There's more than $10 billion in demand for Snap's hot IPO

There is more than $10 billion of demand for Snap's hot IPO so far, according to people familiar with the situation who declined to be named because the information is private.

Snap's public offering is the biggest tech IPO in recent memory.

The company is seeking to raise as much as $3.2 billion and pricing shares at $14 to $16. That would value it between $19.5 billion and $22 billion.

The banks leading the deal, led by Morgan Stanley, Goldman Sachs, Deutsche Bank and JPMorgan, are still accepting orders, and will close the order book on Tuesday.

It is not yet clear if Snap will decide to increase the price of the shares above the top of the initial range, or decide to sell more shares.

Snap did not return calls seeking comment.