tech2 News StaffJan 29, 2017 10:56:13 IST
Snap Inc, the parent company of Snapchat, is planning to release financial statements and other disclosures to file its initial public offering later next week according to a report in Bloomberg.
This will be the first time that Snap Inc will be showing its performance numbers to the public. Snap Inc is expected to raise over $4bn in its IPO at a valuation of close to $25bn to $30bn. Snap Inc has already filed its information privately with the US Securities and Exchange Commission.
According to Recode, the company would most likely go public sometime in March. The offering would be led by Morgan Stanley and Goldman Sachs along with additional banks.
Recently in a meeting with underwriter analysts, Snap had emphasised how its users were dedicated to its app and how engagement has been growing. Snap also plans to increase its average revenue per user and move into more mature markets according to people familiar with the matter.
Along with the app Snapchat, Snap Inc also has a hardware product called Spectacles which lets you send snaps directly to Snapchat. The company has been one of the fastest growing social media apps, so much so that Instagram and Facebook are routinely copying feature of this app.
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