Snap makes $3 billion IPO details public

Reuters News
Posted: Feb 02, 2017 4:59 PM

(Reuters) - Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion in an initial public offering.

The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015.

Snap expects to go public as soon as March and could be valued at between $20 billion and $25 billion, sources familiar with the situation have said. That would give the company the richest valuation in a U.S. technology IPO since Facebook Inc.

'Believe Women' Is Perilous Baloney
Michelle Malkin

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

(Reporting by Lauren Hirsch; Editing by Meredith Mazzilli)