Snapchat unveils $3bn IPO details

Snap Inc., the parent company behind Snapchat, has today filed the relevant documents for their initial public offering (IPO).

The company made $404.48 million in the year ended in December, up sixfold from the prior year's $59 million, and lost $514.6 million.

The company has not released specifics around how much it plans to make in the IPO, but reports have pegged it as between $20 billion and $25 billion.

Snap said it will list on the New York Stock Exchange under the ticker "SNAP".

Snap Inc., the maker of the disappearing photo app Snapchat, filed publicly for an initial offering, the first US social-media company to do so since Twitter Inc. more than three years ago.

Currently, the new lenses are only being tested on the company's internal version of the app, and they are "not on Snap's near-term product roadmap".

Snap's biggest losses stems from "hosting fees" which it pays to cloud computing companies such as Google to use their infrastructure for its data.

Cathy Boyle, principal analyst at eMarketer, recently said Snapchat's bright outlook has everything to do with its young user base.

India beats England to win T20I series
Rahul was bowled for 22 by Ben Stokes but replays later showed the umpire had missed the paceman overstepping the bowling crease. England lost eight wickets for just eight runs as they threw away the chance of winning a Twenty20 series in India this morning.

The lawsuit was originally filed by an individual in February 2013 against Snap's predecessor entity.

In its S-1 filing with the Securities and Exchange Commission, Snap said it has 158 million daily users, and that some 2.5 billion photos are created and shared on the Snapchat daily.

The Snapchat IPO should be one of the largest - if not the biggest - offerings of the year. Those aren't the most heartening of phrases to hear from a company seeking billions of dollars.

Spiegel, 26, is poised to become a multibillionaire, along with his former fraternity brother at Stanford, Robert Murphy, 28, who is also a company co-founder. Snap mentions Brexit as a threat, along with the potential for legislation "that would change USA or foreign taxation of worldwide business activities or other tax-reform policies" as threats to its core business.

Snapchat's parent company is asking for a valuation of almost 62 times its revenue.

The ephemeral mobile storytelling app is going public, a move that will raise $3 billion and open up the books of the secretive company.

The flattening user growth Snap describes coincides with the rise of Instagram Stories, a near-direct clone of Snapchat's Stories product.

Since the October launch of its ads API, which allows buyers to purchase Snap Ads programmatically on its platform, Snap has expanded its partnerships to offer the buying capabilities advertisers want and give them more control over their spend on the platform.


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