Snap files updated IPO paperwork with SEC
Snap files updated IPO paperwork with SEC

Snap Inc. on Thursday filed updated paperwork with the U. S. Securities & Exchange Commission (SEC) detailing its eagerly-awaited initial public offering (IPO).

According to the social media company's SEC filing, it will sell up to 230 million shares with price tag range between $14 and $16 per share. That would generate up to $3.6 billion for the company.

If IPO goes as planned, Snap Inc. will get a market valuation in the range of $19.5 billion to $22.2 billion. Previously, the company had estimated its post-IPO market valuation in the range of $20 billion to $25 billion.

Following the IPO, the five-year-old social media company will trade on the New York Stock Exchange (NYSE) under the ticker symbol SNAP.

Snap is the parent firm of Snapchat, which is visited by as many as 158 million people, who create more than 2.5 billion Snaps - short-lived images and videos. The service is particularly popular among young adults.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Los Angeles-based Snap has emerged as one of the technology industry's newest power players, challenging well-established social media giants like Facebook, Instagram and Twitter.