Snap Inc., as the messaging start-up is formally known, disclosed on Thursday
that it was seeking to raise more than $2 billion in its initial public offering.
process: meeting first with the sales teams at Snap’s underwriters,
and then, starting next week, with potential investors around the nation to pitch them on the offering
In a newly revised prospectus filed with the Securities
and Exchange Commission, the company said it expected to price its offering at a range of $14 to $16 a share.
At the high point of the range, Snap would be valued at $22.24 billion.
At the midpoint of that range, the company would be valued at nearly $20.9 billion.
Its shares would trade on the New York Stock Exchange under the ticker symbol SNAP.
