Snapchat’s parent company files for IPO revealing huge loss
Parent company of Snapchat i.e Snap Inc. set in action what could be the largest tech circulation in years by disclosing it accumulates over $400 million in yearly sales and has 158 million people make use of its app on a daily basis.
The Los Angeles-based company released the financial details for an early public offering on Thursday.
- The company filed for a $3 billion IPO, though that is a placeholder amount and certain to change as the company sets a price on the dea
- In the filing, Snap disclosed that Snapchat has 158 million average daily active usersas of the fourth quarter of 2016.
- It had annual revenue of $404.4 million in 2016, up from $58.6 million in 2015.
- The IPO filing shows Morgan Stanley, Goldman Sachs, JPMorgan, Deutsche Bank, Barclays, Credit Suisse, and Allen & Company are among the banks working on the share sale.
- It plans to list its shares on the New York Stock Exchange under the ticker SNAP.
Currently that its financial accounts are public, the company must wait 15 days before conducting official meetings, aka the IPO “roadshow,” with shareholders. Snap is setting up to register shares in March, and could bring an evaluation of as much as $25 billion, people be-known with the matter have said.