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Snap, which filed for its IPO in early February, was widely
expected to be valued at between $20 billion and $25 billion,
giving the company the richest valuation in a U.S. technology
IPO since Facebook Inc.
The company said in a filing on Thursday that it expects to
raise as much as $3.2 billion in the IPO.
Snap said it expected the 200 million Class A share offering to
be priced within a range of $14-$16 per share.
Selling shareholders will sell 55 million shares and the
remaining will be sold by the company.
Snap said it expects to use proceeds of about $2.1 billion for
general corporate purposes and to acquire businesses, among
other things.
Snap, which launched itself in 2012 with an app that sends
disappearing messages, rebranded itself last year as a camera
company and started selling $130 video camera glasses.
The company generates the majority of its revenue from
advertising, seeking to challenge the dominance of existing
internet giants.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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