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Snapchat Parent Sets Valuation of Up to $22.2 Billion
17 February 2017, 12:43 | Candice Butler
Snapchat Phone with 360-degree camera envisioned as dream device for social media shutterbugs
If the shares are sold, the company will generate around $2.1 billion and $2.3 billion, according to the regulatory filing.
Snap set the valuation of its initial public offering (IPO) at between $19.5bn and $22.2bn in what could be the third-biggest technology offering of the past decade, people familiar with the matter said.
Snapchat is looking to charge between $14 and $16 for a single share, of which the company will make 200 million available in the IPO. At the high end of the price range, Snap's asking investors to buy into a stock that's valued at 19.7 times forward 12-months advertising sales, close to the 19.4 times that Facebook had at the time of its IPO. The company is expected to use the ticker SNAP on the New York Stock Exchange. The schedule shows that after starting in the Mid-Atlantic they will travel to London on Monday, followed by two days in NY.
Snap, which made its fame with an app that sends ephemeral photo and video messages, describes itself as a "camera company".
Morgan Stanley & Co LLC, Goldman Sachs & Co, JP Morgan Securities LLC, Deutsche Bank Securities Inc, Barclays Capital Inc and Credit Suisse Securities (USA) LLC are among the underwriters to the IPO.
Though Snap's IPO has generated great interest after a dearth of new listings previous year, the company is playing it conservatively. Last year, Snap finished with total losses topping $500 million, higher than the $373 million lost in 2015. By the fourth quarter, average daily active user growth fell below 50% for the first time since at least 2014, according to the deal prospectus. Holders of class C stock - restricted to the company's founders, CEO Evan Spiegel and chief technology officer Bobby Murphy - are entitled to 10 votes. It plans to list on the NYSE under the symbol SNAP. The class C stock represents 88.5% of the voting power of the outstanding capital stock after the IPO.
The 18-to-34-year-old demographic of the Snap user base, initially envied by industry peers, has also become a double-edged sword for Snap. The company posted an annual loss of $514 million in 2016.
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