Morgan Stanley is set to reap nearly $26 million in fees from Snap’s initial public offering, making the Wall Street bank one of the big winners in the successful share sale.

The underwriters of the offering are set to share about $85 million in fees, or 2.5% of the $3.4 billion raised, according to people familiar with the matter. Morgan Stanley, the lead underwriter, is set to get the biggest share of the pool, the people said. Goldman Sachs, another key underwriter that as stabilisation agent matched buyers and sellers when Snap opened for trading yesterday morning, is in line for the next-biggest payout at more than $21 million.