WALL STREET SPEAKS: The case for and against investing in Snap's massive IPO

Snapchat parent company Snap Inc. is set to price its initial public offering, or IPO, on Wednesday, allowing investors to decide just how much the social media company is ultimately worth.

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 deal is already oversubscribed, according to Reuters.

Tuesday's roadshow in New York drew a standing-room-only crowd of nearly 500 people that one attendee said included "the entire hedge fund mafia."

They raised questions about Snap's advertising revenue, slowing user growth, and competition with Facebook, among other things. Now the question is whether or not they and others will buy in.

We spoke to a handful of prospective investors and others close to the deal about the pros and cons. In most cases, these people declined to be identified because they were not permitted to speak to the press.

Below are the bull and bear cases for buying a piece of Snapchat.