Snap Inc will reveal financials and file for IPO within a week, report says
Snap Inc, the parent company of Snapchat, plans to reveal its financials and file for an initial public offering (IPO) within a week, people familiar with the matter have told the media.
As reported by Recode, later this week the company is set to publish the registration document that it filed with the U.S. Securities and Exchange Commission last year, containing information on its financials and strategy for operating as a publicly traded company.
After its initial IPO prospectus filing (S-1) the company must wait a couple of weeks before it can begin marketing the IPO to investors. Bloomberg reports that, ‘on the current schedule’, shares of Snap could start trading in March.
Valuations for the five-year old company are between $20 billion to $25 billion, based on reports of its latest round of funding, which would make its IPO the largest for a US tech firm since Facebook went public in 2012.
Snap Inc was founded on September 16, 2011 by Evan Spiegel and Bobby Murphy and is based in Venice, Los Angeles.
The company was originally called Snapchat Inc, but in late 2016 it was rebranded as Snap Inc.
Snapchat has over than 100 million active users worldwide. In the US and Canada, it has over 60 million daily active users, making its user base in the region a little over a third the size of Facebook, which has around 175 million daily users in the same geographic region.