The company hopes to raise $3 billion (the irony) at a valuation of $20 to $25 billion. We can already hear the sound of money pouring into the streets of Abbot Kinney.
The stock will start trading Thursday, listed on the New York Stock Exchange under the symbol SNAP. That could mean it prices on Wednesday evening above the indicated $14 to $16 a share.
Snap's diversification away from its core Snapchat offering is gathering pace and its next move is into the skies.
Demand for Snap's shares has been overwhelming.
Bill Paxton Has Died Due to Complications From Surgery
Bill Paxton's son James (that's him below, with Dad in 2013) reportedly guest stars in Episode 8, which should air in mid-March. The Emmy-award nominated actor is survived by his wife and two children.
With Facebook well into its second decade, Snapchat is seemingly the social network of choice for the mobile-first generation, but that's not necessarily a true reflection of its audience, according to research from eMarketer.
Snap said in its regulatory filing last month it took in US$404 million in revenue previous year but lost US$515 million. As Snap prepares for its March IPO, which will turn some of its young employees into overnight millionaires, tensions are reaching a fever pitch. Naturally, no officials from Snap have any comment on the matter. But the photo/video world is a tough sell when it comes to drones, so ultimately, it's the product that will determine the company's success.
According to the filing, 158 million people use Snapchat daily, and over 2.5 billion Snaps are created every day. It's the largest public offering for a USA tech company since Facebook in 2012.
Snap's IPO is one of the most anticipated for a technology company since Twitter's stock market debut in 2013. But history will likely remember Evan Spiegel and his precious company as the lost, desperate dreams of frat bros for generations to come. The company's other hardware plans appear to be a mounted action camera not unlike a GoPro as well as a stereoscopic camera that can take 3D images.