by: Brett Hershman, Benzinga Staff Writer
Snapchat’s parent company Snap Inc has officially filed for its IPO expected to raise $3 billion.
"Snap Inc. is a camera company. We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate. Our products empower people to express themselves, live in the moment, learn about the world, and have fun together," the company said in the S-1.
It will trade under the ticker "SNAP" on the New York Stock Exchange.
Snapchat’s initial registration statement indicated the social media platform has 160 million daily active users. In comparison, Facebook Inc FB latest fourth quarter earnings release stated the company’s daily active users were up to 1.23 billion. According to the company, over 2.5 billion snaps are sent on a daily basis.
Reports have suggested that Snap’s IPO is expected to value the company in the $25 billion range. The public offering is slated for early March.
Sales for Snapchat came in at $404.5 million in 2016, a huge increase from the $58.7 million it saw in 2015. The company is still operating at a loss, however, shedding $514.6 million last year.
Snap's IPO brings out all the major players underwriting the offering including Morgan Stanley, Goldman, JP Morgan, Deutsche Bank, Barclays, Credit Suisse, Allen & Co.
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