Snap files IPO documents with Securities & Exchange Commission
Snap Inc., the parent firm behind the messaging app Snapchat, has filed its documents for an initial public offering (IPO) of stock with the U. S. Securities & Exchange Commission (SEC).
While the company didn't reveal how much it plans to ask for through its IPO, some reports have pegged the amount in the range of between $20 billion and $25 billion.
Snap Inc. reportedly filed the documents in 20166, but used a Jobs Act provision that allows firms with less than $1 billion in annual revenue to conceal their IPO plans from the public.
In the SEC documents, Snap surprisingly mentioned Apple Inc. several times as a competitor, despite the fact that Snap relies on ad revenues, which are negligible for Apple.
As per a risk factor listed in the filing, Snap said, "We compete broadly with the social media offerings of Apple, Facebook, Google, and Twitter, and with other, largely regional, social media platforms that have strong positions in particular countries."
Founded by CEO Evan Spiegel, Snap Chat started as a messaging app for images and later videos that automatically disappeared after ten seconds. Gradually, it evolved into a multi-faceted media company. In 2016, it launched a pair of smart glasses called SPECTACLES that can record video.
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