Snapchat Files Papers With SEC For IPO

Snapchat Files For IPO

SNAP, INC., the parent company behind the disappearing messaging app SNAPCHAT, has filed its plans for an initial public offering of stock with the SECURITIES AND EXCHANGE COMMISSION.  

The company has not released how much it plans to ask for in the IPO but reports have pegged it as between $20 billion and $25 billion.  

SNAP, INC., reportedly filed the necessary paperwork last year, but used a JOBS ACT provision that allows companies with less than $1 billion in revenue to avoid going public with their plans.

CEO EVAN SPIEGEL started the company while an undergraduate at STANFORD UNIVERSITY. SNAPCHAT began as a messaging app for photos and, later, videos that disappeared after 10 seconds, but has evolved into a multi-faceted media company that can tap into the way its young audience accesses and consumes content.  Last year. SNAP launched SPECTACLES, a pair of smart glasses that can record video. 

The company's competitors include FACEBOOK's INSTAGRAM, which in AUGUST launched STORIES, which already has grown to challenge the 150 million daily active SNAPCHAT users.

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