Tech
Snapchat parent company officially files for IPO, to list on NYSE
"Snap Inc. is a camera company," the official Snap filing says.
CNET/CBS Interactive
Snap Inc, the parent company of popular messaging app Snapchat, officially filed for IPO on Thursday, revealing new details after it filed confidentially with the SEC in October 2016.
Planning to raise $3 billion, Snap will trade on the NYSE when shares go public, according to the filing. It could go public as early as March, trading under SNAP.
The filing with the SEC revealed interesting details on Snap's business:
- Snapchat has 158 million average daily active users as of Q4 2016.
- 69 million are located in the US, 53 million in Europe.
- 25 percent of those users post to their "Story" every day.
- Snap saw $404.5 million in revenue during 2016.
- In the same period, Snap saw a $514.6 million loss.
- Snapchat saw $1.05 revenue per user in Q4 2016.
- Snap has 1,859 employees.
(Snap S1 filing)
Snap is lead by 26 year old CEO Evan Spiegel. It has grown from a photo-disappearing messaging app to a full-on ecosystem, with publisher "Stories," a wearable, filters, and more.
Previous reports said Snap may be valued at $25 billion when offered to the public.