Snap, the parent company of Snapchat, has reportedly filed confidentially for its much anticipated public offering. The company is said to be taking advantage of a section of the JOBS Act that allows for businesses with under $1 billion in revenue—so-called emerging growth companies—to file outside of the public eye, giving them privacy throughout the often rigorous SEC vetting process.
Although rumors of a Snap IPO have swirled for months, details have recently begun to solidify. It’s been reported that Snap will look to raise $4 billion, that the company will seek a valuation between $20 billion and $25 billion, that Morgan Stanley and Goldman Sachs will act as lead underwriters, and that the offering will occur sometime during 1Q 2017.
Launched in 2011, Snap has raised north of $2.5 billion in funding from investors including Benchmark Capital, SV Angel, Spark Capital, Sequoia and Lightspeed Venture Partners. The company most recently secured a $1.8 billion round in May at a valuation of around $20 billion.
Check out some of our previous Snap coverage or get more info on the company in its free profile.
Article by PitchBook
