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.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain