Snap makes $3 billion IPO details public


Feb 2 (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 .

Snap said it will list on the New York Stock Exchange under the ticker "SNAP." (Reporting by Lauren Hirsch; Editing by Meredith Mazzilli)

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.